Wave Life Sciences (NASDAQ:WVE) Trading Down 5.3% - Here's What Happened

Wave Life Sciences Ltd. (NASDAQ:WVE - Get Free Report) shares traded down 5.3% on Tuesday . The company traded as low as $9.53 and last traded at $9.54. 283,715 shares traded hands during trading, a decline of 74% from the average session volume of 1,090,348 shares. The stock had previously closed at $10.07.

Analysts Set New Price Targets

WVE has been the topic of several analyst reports. StockNews.com upgraded shares of Wave Life Sciences from a "sell" rating to a "hold" rating in a report on Saturday, March 8th. HC Wainwright restated a "buy" rating and issued a $22.00 price target on shares of Wave Life Sciences in a research report on Wednesday. Finally, Jefferies Financial Group began coverage on Wave Life Sciences in a report on Tuesday, February 25th. They issued a "buy" rating and a $26.00 price objective for the company. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $22.60.

Wave Life Sciences Price Performance

The stock has a 50-day moving average price of $10.73 and a 200 day moving average price of $11.68. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -7.77 and a beta of -1.04.

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Wave Life Sciences (NASDAQ:WVE - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.34. The company had revenue of $83.75 million during the quarter, compared to analysts' expectations of $25.60 million. Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 280.57%. Sell-side analysts expect that Wave Life Sciences Ltd. will post -1.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Christian O. Henry sold 10,500 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.77, for a total value of $102,585.00. Following the completion of the sale, the director now owns 16,115 shares of the company's stock, valued at approximately $157,443.55. This represents a 39.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul Bolno sold 169,025 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $9.57, for a total transaction of $1,617,569.25. Following the sale, the chief executive officer now directly owns 338,351 shares in the company, valued at $3,238,019.07. This trade represents a 33.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 29.10% of the company's stock.

Hedge Funds Weigh In On Wave Life Sciences

A number of hedge funds and other institutional investors have recently bought and sold shares of WVE. Victory Capital Management Inc. increased its holdings in shares of Wave Life Sciences by 16.6% in the fourth quarter. Victory Capital Management Inc. now owns 14,546 shares of the company's stock valued at $180,000 after purchasing an additional 2,073 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in Wave Life Sciences by 31.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock valued at $119,000 after buying an additional 2,308 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in Wave Life Sciences in the 4th quarter valued at about $40,000. Kraematon Investment Advisors Inc. raised its holdings in Wave Life Sciences by 24.3% in the 4th quarter. Kraematon Investment Advisors Inc. now owns 19,885 shares of the company's stock valued at $246,000 after acquiring an additional 3,885 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in Wave Life Sciences by 36.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 15,579 shares of the company's stock worth $193,000 after acquiring an additional 4,120 shares during the last quarter. Institutional investors own 89.73% of the company's stock.

About Wave Life Sciences

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.