Wave Life Sciences (NASDAQ:WVE) Stock Price Down 4.9%

Wave Life Sciences Ltd. (NASDAQ:WVE) dropped 4.9% on Tuesday . The company traded as low as $5.45 and last traded at $5.46. Approximately 194,685 shares traded hands during trading, a decline of 78% from the average daily volume of 869,616 shares. The stock had previously closed at $5.74.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Truist Financial reaffirmed a “buy” rating and issued a $17.00 target price on shares of Wave Life Sciences in a research note on Monday, April 1st. HC Wainwright lifted their target price on shares of Wave Life Sciences from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $5.00 price objective on shares of Wave Life Sciences in a report on Thursday, March 7th. Finally, StockNews.com cut Wave Life Sciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 18th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Wave Life Sciences currently has a consensus rating of “Moderate Buy” and an average target price of $10.14.

Wave Life Sciences Price Performance

The firm has a market capitalization of $586.94 million, a price-to-earnings ratio of -8.73 and a beta of -1.12. The firm has a 50 day moving average price of $5.40 and a 200-day moving average price of $5.23.

Wave Life Sciences (NASDAQ:WVE) last posted its quarterly earnings results on Wednesday, March 6th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.04. The business had revenue of $29.06 million during the quarter, compared to analyst estimates of $23.30 million. During the same quarter in the prior year, the business earned ($0.47) earnings per share. Equities research analysts predict that Wave Life Sciences Ltd. will post -0.94 earnings per share for the current year.

Insider Activity at Wave Life Sciences

In other Wave Life Sciences news, CFO Kyle Moran sold 15,630 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total value of $96,437.10. Following the transaction, the chief financial officer now directly owns 33,921 shares of the company’s stock, valued at approximately $209,292.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 31.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wave Life Sciences

Large investors have recently modified their holdings of the business. Royal Bank of Canada grew its holdings in Wave Life Sciences by 257.9% during the second quarter. Royal Bank of Canada now owns 8,787 shares of the company’s stock worth $32,000 after acquiring an additional 6,332 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Wave Life Sciences by 256.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,217 shares of the company’s stock valued at $34,000 after purchasing an additional 6,630 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Wave Life Sciences in the second quarter valued at about $41,000. Mirabella Financial Services LLP acquired a new stake in shares of Wave Life Sciences in the first quarter valued at about $44,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Wave Life Sciences during the first quarter worth about $48,000. 89.73% of the stock is owned by hedge funds and other institutional investors.

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.