Wave Life Sciences (NASDAQ:WVE) Stock Price Down 2.6% - Time to Sell?

Shares of Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) dropped 2.6% on Thursday . The company traded as low as $13.06 and last traded at $13.06. Approximately 19,408 shares changed hands during trading, a decline of 98% from the average daily volume of 1,110,443 shares. The stock had previously closed at $13.41.

Wall Street Analysts Forecast Growth

A number of research firms have commented on WVE. Royal Bank of Canada raised their target price on Wave Life Sciences from $7.00 to $15.00 and gave the company a "sector perform" rating in a report on Monday, October 21st. HC Wainwright reissued a "buy" rating and set a $22.00 price objective on shares of Wave Life Sciences in a report on Wednesday, November 13th. Wells Fargo & Company lifted their price target on shares of Wave Life Sciences from $11.00 to $22.00 and gave the company an "overweight" rating in a research report on Wednesday, October 16th. B. Riley raised their price objective on Wave Life Sciences from $19.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, Mizuho lifted their price objective on Wave Life Sciences from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.22.

Wave Life Sciences Price Performance

The company's 50-day moving average is $14.48 and its 200-day moving average is $9.15. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -12.14 and a beta of -1.21.

Insider Buying and Selling

In related news, major shareholder Plc Gsk purchased 2,791,930 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was purchased at an average cost of $8.00 per share, for a total transaction of $22,335,440.00. Following the acquisition, the insider now owns 16,775,691 shares in the company, valued at approximately $134,205,528. This trade represents a 19.97 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chris Francis sold 36,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $16.00, for a total value of $576,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 436,544 shares of company stock valued at $6,271,569. 29.10% of the stock is currently owned by company insiders.

Institutional Trading of Wave Life Sciences

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Wave Life Sciences by 23.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company's stock worth $37,000 after buying an additional 856 shares in the last quarter. Profund Advisors LLC bought a new stake in shares of Wave Life Sciences in the 2nd quarter worth about $53,000. Principal Financial Group Inc. acquired a new stake in shares of Wave Life Sciences in the 2nd quarter valued at about $74,000. Mackenzie Financial Corp lifted its position in shares of Wave Life Sciences by 13.6% during the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company's stock worth $79,000 after purchasing an additional 1,905 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in Wave Life Sciences during the 3rd quarter worth approximately $98,000. 89.73% of the stock is owned by hedge funds and other institutional investors.

Wave Life Sciences Company Profile

Wave Life Sciences Ltd., a clinical-stage biotechnology company, designs, develops, and commercializes ribonucleic acid (RNA) medicines through PRISM, a discovery and drug development platform. The company's RNA medicines platform, PRISM, combines multiple modalities, chemistry innovation, and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and prevalent disorders.