Wave Life Sciences (NASDAQ:WVE) Rating Lowered to “Sell” at StockNews.com

StockNews.com lowered shares of Wave Life Sciences (NASDAQ:WVE) from a hold rating to a sell rating in a report released on Wednesday morning.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price target on shares of Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $13.00 to $22.00 in a report on Wednesday, October 16th. HC Wainwright restated a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a research report on Wednesday. Leerink Partners upped their price objective on Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada increased their target price on Wave Life Sciences from $7.00 to $15.00 and gave the company a “sector perform” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.89.

Wave Life Sciences Stock Down 8.9 %

WVE opened at $13.67 on Wednesday. Wave Life Sciences has a 52-week low of $3.50 and a 52-week high of $16.74. The firm’s 50-day moving average price is $10.76 and its 200-day moving average price is $7.54. The company has a market cap of $2.08 billion, a P/E ratio of -12.32 and a beta of -1.20.

Insider Buying and Selling at Wave Life Sciences

In other Wave Life Sciences news, CEO Paul Bolno sold 48,366 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total value of $279,555.48. Following the completion of the sale, the chief executive officer now directly owns 359,059 shares of the company’s stock, valued at $2,075,361.02. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Plc Gsk bought 2,791,930 shares of the business’s stock in a transaction on Friday, September 27th. The stock was bought at an average cost of $8.00 per share, with a total value of $22,335,440.00. Following the completion of the purchase, the insider now directly owns 16,775,691 shares in the company, valued at approximately $134,205,528. The trade was a 19.97 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 452,056 shares of company stock worth $5,955,438. Corporate insiders own 29.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in Wave Life Sciences by 23.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock worth $37,000 after acquiring an additional 856 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings 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 worth $45,000 after purchasing an additional 2,451 shares in the last quarter. Profund Advisors LLC acquired a new stake in Wave Life Sciences during the second quarter worth approximately $53,000. Point72 DIFC Ltd acquired a new stake in Wave Life Sciences during the third quarter worth approximately $98,000. Finally, Principal Financial Group Inc. acquired a new stake in Wave Life Sciences during the second quarter worth approximately $74,000. Hedge funds and other 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.