Wave Life Sciences (NASDAQ:WVE) Sees Large Volume Increase

Wave Life Sciences Ltd. (NASDAQ:WVE) shares saw unusually-high trading volume on Tuesday . Approximately 7,570,684 shares traded hands during mid-day trading, an increase of 832% from the previous session’s volume of 812,561 shares.The stock last traded at $4.72 and had previously closed at $5.21.

Analyst Upgrades and Downgrades

WVE has been the subject of several research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $5.00 price objective on shares of Wave Life Sciences in a report on Thursday, March 7th. HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of Wave Life Sciences in a research note on Wednesday. StockNews.com cut Wave Life Sciences from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Truist Financial restated a “buy” rating and set a $17.00 price target on shares of Wave Life Sciences in a research note on Monday, April 1st. Finally, Wells Fargo & Company began coverage on Wave Life Sciences in a research report on Wednesday, May 15th. They issued an “overweight” rating and a $11.00 price objective for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.29.

Wave Life Sciences Stock Performance

The business has a 50 day moving average of $5.72 and a 200 day moving average of $5.30.

Wave Life Sciences (NASDAQ:WVE) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $12.54 million during the quarter, compared to analyst estimates of $25.67 million. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. Research analysts expect that Wave Life Sciences Ltd. will post -0.85 EPS for the current year.

Insiders Place Their Bets

In other Wave Life Sciences news, CFO Kyle Moran sold 15,630 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $6.17, for a total value of $96,437.10. Following the sale, 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 SEC, which can be accessed through this link. 31.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wave Life Sciences

A number of large investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. raised its holdings in shares of Wave Life Sciences by 50.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock worth $45,000 after purchasing an additional 2,451 shares during the period. Swiss National Bank raised its holdings in shares of Wave Life Sciences by 2.7% in the 1st quarter. Swiss National Bank now owns 156,500 shares of the company’s stock worth $966,000 after purchasing an additional 4,100 shares during the period. Capstone Investment Advisors LLC raised its holdings in shares of Wave Life Sciences by 9.0% in the 1st quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company’s stock worth $336,000 after purchasing an additional 4,500 shares during the period. ProShare Advisors LLC raised its holdings in shares of Wave Life Sciences by 35.0% in the 1st quarter. ProShare Advisors LLC now owns 21,764 shares of the company’s stock worth $134,000 after purchasing an additional 5,648 shares during the period. Finally, American International Group Inc. raised its holdings in shares of Wave Life Sciences by 23.3% in the 1st quarter. American International Group Inc. now owns 36,241 shares of the company’s stock worth $224,000 after purchasing an additional 6,851 shares during the period. 89.73% of the stock is currently 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.