Wave Life Sciences (NASDAQ:WVE) Stock Price Up 7.7% – What’s Next?

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on WVE. Truist Financial raised their price objective on Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. lifted 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. Leerink Partners raised their price target on shares of Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a report on Monday, October 21st. Finally, B. Riley boosted their target price on Wave Life Sciences from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Wave Life Sciences has an average rating of “Moderate Buy” and a consensus price target of $22.22.

Wave Life Sciences Price Performance

The company has a 50-day moving average of $14.26 and a 200 day moving average of $9.38. The company has a market cap of $2.02 billion, a PE ratio of -11.94 and a beta of -1.21.

Insider Buying and Selling at Wave Life Sciences

In other Wave Life Sciences news, insider Chris Francis sold 208,836 shares of Wave Life Sciences stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $13.67, for a total value of $2,854,788.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Paul Bolno sold 90,474 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $15.00, for a total value of $1,357,110.00. Following the sale, the chief executive officer now owns 268,585 shares of the company’s stock, valued at approximately $4,028,775. This represents a 25.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 436,544 shares of company stock valued at $6,271,569 in the last quarter. 29.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Maverick Capital Ltd. raised its stake in Wave Life Sciences by 31.0% in the 3rd quarter. Maverick Capital Ltd. now owns 10,047,520 shares of the company’s stock worth $82,390,000 after acquiring an additional 2,378,159 shares during the last quarter. Emerald Advisers LLC raised its stake in shares of Wave Life Sciences by 15.6% in the third quarter. Emerald Advisers LLC now owns 2,881,510 shares of the company’s stock worth $23,628,000 after purchasing an additional 388,280 shares during the last quarter. State Street Corp lifted its holdings in shares of Wave Life Sciences by 2.6% during the third quarter. State Street Corp now owns 2,321,248 shares of the company’s stock worth $19,034,000 after purchasing an additional 57,822 shares during the period. Geode Capital Management LLC boosted its position in Wave Life Sciences by 14.3% in the third quarter. Geode Capital Management LLC now owns 2,269,664 shares of the company’s stock valued at $18,615,000 after buying an additional 283,419 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust boosted its position in Wave Life Sciences by 16.6% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 2,123,466 shares of the company’s stock valued at $17,412,000 after buying an additional 302,528 shares during the last quarter. 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.