Wave Life Sciences (NASDAQ:WVE) Shares Up 7.7% – Here’s Why

Wave Life Sciences Ltd. (NASDAQ:WVE)’s share price rose 7.7% during trading on Thursday . The company traded as high as $13.44 and last traded at $13.32. Approximately 456,007 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 1,106,373 shares. The stock had previously closed at $12.37.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Raymond James upgraded Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $13.00 to $22.00 in a research note on Wednesday, October 16th. Mizuho raised their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Wells Fargo & Company upped their target price on shares of Wave Life Sciences from $11.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. StockNews.com lowered shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a report on Wednesday, November 13th. Finally, Royal Bank of Canada boosted their price objective on shares of Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.22.

Wave Life Sciences Price Performance

The business has a 50 day simple moving average of $14.21 and a 200-day simple moving average of $9.46. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -12.17 and a beta of -1.07.

Insider Transactions at Wave Life Sciences

In other Wave Life Sciences news, insider Chris Francis sold 36,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $16.00, for a total transaction of $576,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul Bolno sold 51,234 shares of Wave Life Sciences 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 owns 217,351 shares in the company, valued at $3,112,466.32. This trade represents a 19.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 436,544 shares of company stock valued at $6,271,569 over the last quarter. Corporate insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

Several hedge funds have recently modified their holdings of WVE. Mirae Asset Global Investments Co. Ltd. boosted its position in Wave Life Sciences by 23.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock valued at $37,000 after purchasing an additional 856 shares during the last quarter. Profund Advisors LLC acquired a new stake in shares of Wave Life Sciences in the 2nd quarter valued at approximately $53,000. Principal Financial Group Inc. bought a new position in shares of Wave Life Sciences in the second quarter valued at $74,000. Mackenzie Financial Corp increased its holdings 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 buying an additional 1,905 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Wave Life Sciences during the third quarter worth $98,000. 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.