Wave Life Sciences (NASDAQ:WVE) Shares Down 4% – Time to Sell?

Wave Life Sciences Ltd. (NASDAQ:WVE) shares were down 4% during mid-day trading on Monday . The company traded as low as $12.97 and last traded at $12.97. Approximately 164,371 shares changed hands during trading, a decline of 77% from the average daily volume of 716,913 shares. The stock had previously closed at $13.51.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WVE. StockNews.com cut shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a research report on Wednesday, November 13th. Mizuho raised their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price target on shares of Wave Life Sciences in a research report on Wednesday, November 13th. 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 report on Monday, November 4th. Finally, Wells Fargo & Company upped their target price on Wave Life Sciences from $11.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Wave Life Sciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.22.

Wave Life Sciences Price Performance

The firm’s fifty day moving average is $14.14 and its two-hundred day moving average is $9.62. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -11.26 and a beta of -1.07.

Insider Activity

In related news, CEO Paul Bolno sold 51,234 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $14.32, for a total transaction of $733,670.88. Following the completion of the sale, the chief executive officer now directly owns 217,351 shares of the company’s stock, valued at $3,112,466.32. This represents a 19.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Francis sold 208,836 shares of Wave Life Sciences stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $13.67, for a total transaction of $2,854,788.12. The disclosure for this sale can be found here. Insiders sold 436,544 shares of company stock worth $6,271,569 over the last three months. Corporate insiders own 29.10% of the company’s stock.

Institutional Investors Weigh In On Wave Life Sciences

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in Wave Life Sciences by 23.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock valued at $37,000 after buying an additional 856 shares during the period. Profund Advisors LLC acquired a new position in Wave Life Sciences during the second quarter valued at approximately $53,000. Point72 DIFC Ltd acquired a new stake in shares of Wave Life Sciences in the third quarter worth $98,000. Principal Financial Group Inc. acquired a new stake in shares of Wave Life Sciences in the second quarter worth $74,000. Finally, Orion Portfolio Solutions LLC bought a new stake in shares of Wave Life Sciences during the 3rd quarter worth $123,000. 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.