Wave Life Sciences (NASDAQ:WVE) Stock Price Down 6.1% – Should You Sell?

Shares of Wave Life Sciences Ltd. (NASDAQ:WVE) traded down 6.1% during mid-day trading on Wednesday . The stock traded as low as $10.85 and last traded at $10.54. 303,913 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 886,507 shares. The stock had previously closed at $11.23.

Analyst Upgrades and Downgrades

WVE has been the topic of several analyst reports. StockNews.com raised shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a research report on Thursday, February 27th. Jefferies Financial Group initiated coverage on Wave Life Sciences in a research note on Tuesday, February 25th. They issued a “buy” rating and a $26.00 price target for the company. Mizuho upped their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Truist Financial lifted their target price on Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Wave Life Sciences currently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

Wave Life Sciences Stock Performance

The firm has a market capitalization of $1.62 billion, a P/E ratio of -9.59 and a beta of -1.09. The firm has a 50 day simple moving average of $11.63 and a two-hundred day simple moving average of $11.19.

Institutional Trading of Wave Life Sciences

Institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of 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 worth $37,000 after purchasing an additional 856 shares during the period. GF Fund Management CO. LTD. bought a new stake in Wave Life Sciences in the fourth quarter worth $40,000. Quarry LP purchased a new stake in shares of Wave Life Sciences in the fourth quarter worth $62,000. KBC Group NV bought a new position in Wave Life Sciences in the 4th quarter worth about $67,000. Finally, Point72 DIFC Ltd purchased a new position in Wave Life Sciences in the 3rd quarter worth approximately $98,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.

Wave Life Sciences Company Profile

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.