Wave Life Sciences (NASDAQ:WVE) Shares Up 6.5% – What’s Next?

Wave Life Sciences Ltd. (NASDAQ:WVE)’s stock price rose 6.5% during trading on Tuesday . The stock traded as high as $13.75 and last traded at $13.69. Approximately 392,155 shares traded hands during trading, a decline of 65% from the average daily volume of 1,113,608 shares. The stock had previously closed at $12.85.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WVE. Mizuho increased their price target on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. lifted their target price on Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $13.00 to $22.00 in a report on Wednesday, October 16th. StockNews.com lowered Wave Life Sciences from a “hold” rating to a “sell” rating in a report on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price on Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.22.

Wave Life Sciences Stock Up 0.6 %

The stock has a fifty day simple moving average of $11.23 and a 200-day simple moving average of $7.71. The company has a market capitalization of $2.19 billion, a P/E ratio of -12.85 and a beta of -1.20.

Insider Activity at Wave Life Sciences

In other Wave Life Sciences news, major shareholder Plc Gsk bought 2,791,930 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were bought at an average price of $8.00 per share, for a total transaction of $22,335,440.00. Following the completion of the acquisition, the insider now owns 16,775,691 shares of the company’s stock, valued at approximately $134,205,528. This trade represents a 19.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kyle Moran sold 17,146 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $9.00, for a total value of $154,314.00. Following the completion of the sale, the chief financial officer now owns 19,777 shares of the company’s stock, valued at approximately $177,993. This trade represents a 46.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 403,690 shares of company stock valued at $5,675,883 in the last ninety days. Insiders own 29.10% of the company’s stock.

Institutional Investors Weigh In On Wave Life Sciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake 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 valued at $37,000 after buying an additional 856 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in Wave Life Sciences by 50.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock valued at $45,000 after acquiring an additional 2,451 shares during the last quarter. Profund Advisors LLC acquired a new stake in Wave Life Sciences in the second quarter worth about $53,000. Principal Financial Group Inc. bought a new stake in Wave Life Sciences during the 2nd quarter worth about $74,000. Finally, Mackenzie Financial Corp lifted its position in Wave Life Sciences by 13.6% during the 2nd 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 period. 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.