Wave Life Sciences (NASDAQ:WVE) Stock Price Down 3.7%

Wave Life Sciences Ltd. (NASDAQ:WVE) fell 3.7% during mid-day trading on Wednesday . The stock traded as low as $5.47 and last traded at $5.50. 71,766 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 804,244 shares. The stock had previously closed at $5.71.

Analyst Ratings Changes

Several brokerages have recently issued reports on WVE. Mizuho reiterated an “outperform” rating and issued a $19.00 target price on shares of Wave Life Sciences in a research report on Tuesday, June 25th. JPMorgan Chase & Co. began coverage on shares of Wave Life Sciences in a research report on Monday, September 9th. They set an “overweight” rating and a $10.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of Wave Life Sciences in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.71.

Wave Life Sciences Trading Down 2.3 %

The business’s fifty day moving average is $5.84 and its 200 day moving average is $5.80.

Wave Life Sciences (NASDAQ:WVE) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.09). Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 1,395.99%. The business had revenue of $19.69 million during the quarter, compared to analysts’ expectations of $24.80 million. During the same period last year, the company earned ($0.20) EPS. As a group, analysts forecast that Wave Life Sciences Ltd. will post -1.04 EPS for the current year.

Insider Buying and Selling at Wave Life Sciences

In related news, CEO Paul Bolno sold 48,366 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $5.78, for a total transaction of $279,555.48. Following the transaction, the chief executive officer now owns 359,059 shares of the company’s stock, valued at $2,075,361.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Driehaus Capital Management LLC increased its position in Wave Life Sciences by 62.2% during the second quarter. Driehaus Capital Management LLC now owns 908,096 shares of the company’s stock worth $4,531,000 after purchasing an additional 348,300 shares during the last quarter. Mackenzie Financial Corp increased its position in 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. The Manufacturers Life Insurance Company increased its position in Wave Life Sciences by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 139,790 shares of the company’s stock worth $698,000 after purchasing an additional 4,914 shares during the last quarter. Millennium Management LLC increased its position in Wave Life Sciences by 1.8% during the second quarter. Millennium Management LLC now owns 1,664,300 shares of the company’s stock worth $8,305,000 after purchasing an additional 28,690 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Wave Life Sciences by 26.3% in the second quarter. AQR Capital Management LLC now owns 33,529 shares of the company’s stock worth $167,000 after acquiring an additional 6,973 shares in the last quarter. Institutional investors and hedge funds 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.