Wave Life Sciences (NASDAQ:WVE) Trading Down 6.4% – Time to Sell?

Wave Life Sciences Ltd. (NASDAQ:WVE) dropped 6.4% on Thursday . The stock traded as low as $14.37 and last traded at $14.43. Approximately 632,830 shares traded hands during trading, a decline of 43% from the average daily volume of 1,102,446 shares. The stock had previously closed at $15.41.

Analyst Upgrades and Downgrades

WVE has been the subject of a number of analyst reports. Raymond James upgraded Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. Mizuho raised their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Wells Fargo & Company upped their price target on shares of Wave Life Sciences from $11.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. StockNews.com downgraded shares of Wave Life Sciences from a “hold” rating to a “sell” rating in a research report on Wednesday, November 13th. Finally, B. Riley upped their target price 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.22.

Wave Life Sciences Stock Down 3.0 %

The business’s fifty day simple moving average is $13.80 and its 200-day simple moving average is $8.72.

Insider Buying and Selling

In related news, insider Chris Francis sold 36,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $16.00, for a total value of $576,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul Bolno sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $15.00, for a total value of $750,000.00. Following the sale, the chief executive officer now directly owns 217,351 shares in the company, valued at $3,260,265. The trade was a 18.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 453,690 shares of company stock worth $6,425,883. Corporate insiders own 29.10% of the company’s stock.

Institutional Investors Weigh In On Wave Life Sciences

Several institutional investors have recently modified their holdings of WVE. Emerald Advisers LLC bought a new stake in shares of Wave Life Sciences in the 2nd quarter worth about $12,441,000. Maverick Capital Ltd. lifted its stake in Wave Life Sciences by 31.0% in the third quarter. Maverick Capital Ltd. now owns 10,047,520 shares of the company’s stock worth $82,390,000 after purchasing an additional 2,378,159 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Wave Life Sciences during the second quarter valued at approximately $9,086,000. FMR LLC grew its stake in shares of Wave Life Sciences by 174.5% during the third quarter. FMR LLC now owns 1,540,190 shares of the company’s stock valued at $12,630,000 after buying an additional 979,110 shares during the last quarter. Finally, RTW Investments LP bought a new position in shares of Wave Life Sciences during the third quarter valued at approximately $7,380,000. 89.73% of the stock is owned by institutional investors.

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.