Wave Life Sciences (NASDAQ:WVE) Shares Gap Down – What’s Next?

Shares of Wave Life Sciences Ltd. (NASDAQ:WVE) gapped down before the market opened on Tuesday . The stock had previously closed at $16.44, but opened at $14.97. Wave Life Sciences shares last traded at $15.73, with a volume of 100,749 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WVE. Raymond James raised shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $13.00 to $22.00 in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upped their target price on shares of Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Truist Financial upped their price target on Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday. Leerink Partners increased their price objective on Wave Life Sciences from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $22.00 price target on shares of Wave Life Sciences in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.89.

Wave Life Sciences Stock Performance

The firm has a market capitalization of $1.97 billion, a P/E ratio of -27.53 and a beta of -1.20. The stock has a fifty day moving average price of $9.77 and a two-hundred day moving average price of $7.19.

Insider Transactions at Wave Life Sciences

In related news, major shareholder Plc Gsk acquired 2,791,930 shares of the stock in a transaction dated Friday, September 27th. The shares were acquired at an average price of $8.00 per share, with a total value of $22,335,440.00. Following the acquisition, the insider now owns 16,775,691 shares in the company, valued at approximately $134,205,528. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Plc Gsk acquired 2,791,930 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were purchased at an average cost of $8.00 per share, for a total transaction of $22,335,440.00. Following the acquisition, the insider now directly owns 16,775,691 shares in the company, valued at $134,205,528. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 364,822 shares of company stock valued at $4,645,768 in the last three months. Corporate insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

Several institutional investors have recently bought and sold shares of WVE. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 worth $37,000 after purchasing an additional 856 shares during the period. Mackenzie Financial Corp boosted 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 valued at $79,000 after purchasing an additional 1,905 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in Wave Life Sciences by 50.2% during the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock valued at $45,000 after purchasing an additional 2,451 shares during the last quarter. Rhumbline Advisers boosted its position in Wave Life Sciences by 3.4% during the second quarter. Rhumbline Advisers now owns 125,834 shares of the company’s stock valued at $628,000 after purchasing an additional 4,092 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of Wave Life Sciences by 2.7% in the first quarter. Swiss National Bank now owns 156,500 shares of the company’s stock valued at $966,000 after buying an additional 4,100 shares during the last quarter. 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.