Wave Life Sciences (NASDAQ:WVE) Trading Up 6.5% – Time to Buy?

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

Wall Street Analyst Weigh In

WVE has been the topic of several analyst reports. Royal Bank of Canada increased their target price on Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Monday, October 21st. B. Riley increased their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. boosted their target price on shares of Wave Life Sciences from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. Finally, Truist Financial lifted 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, November 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Wave Life Sciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.22.

Wave Life Sciences Trading Up 0.6 %

The stock has a 50-day moving average of $11.23 and a two-hundred day moving average of $7.71. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -12.85 and a beta of -1.20.

Insider Activity

In other news, CFO Kyle Moran sold 17,146 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $9.00, for a total transaction of $154,314.00. Following the transaction, the chief financial officer now directly owns 19,777 shares in the company, valued at $177,993. The trade was a 46.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Plc Gsk acquired 2,791,930 shares of Wave Life Sciences stock in a transaction that occurred on Friday, September 27th. The shares were purchased at an average cost of $8.00 per share, with a total value of $22,335,440.00. Following the transaction, the insider now owns 16,775,691 shares of the company’s stock, valued at approximately $134,205,528. The trade was a 19.97 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 403,690 shares of company stock worth $5,675,883. 29.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wave Life Sciences

Hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 acquiring an additional 856 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Wave Life Sciences by 50.2% in 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 during the period. Profund Advisors LLC acquired a new position in shares of Wave Life Sciences during the 2nd quarter worth about $53,000. Point72 DIFC Ltd bought a new stake in Wave Life Sciences during the 3rd quarter valued at approximately $98,000. Finally, Principal Financial Group Inc. acquired a new stake in Wave Life Sciences in the 2nd quarter valued at approximately $74,000. 89.73% of the stock is owned by institutional investors and hedge funds.

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.