Wave Life Sciences (NASDAQ:WVE) Shares Gap Up to $4.84

Wave Life Sciences Ltd. (NASDAQ:WVE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.84, but opened at $5.13. Wave Life Sciences shares last traded at $5.09, with a volume of 39,453 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $5.00 price objective on shares of Wave Life Sciences in a report on Thursday, March 7th. StockNews.com lowered Wave Life Sciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 18th. Truist Financial reiterated a “buy” rating and set a $17.00 target price on shares of Wave Life Sciences in a research report on Monday, April 1st. Finally, HC Wainwright boosted their price target on shares of Wave Life Sciences from $8.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.14.

Wave Life Sciences Price Performance

The business has a 50 day simple moving average of $5.45 and a two-hundred day simple moving average of $5.21.

Wave Life Sciences (NASDAQ:WVE) last issued its earnings results on Wednesday, March 6th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.04. The company had revenue of $29.06 million during the quarter, compared to the consensus estimate of $23.30 million. During the same quarter in the prior year, the company earned ($0.47) earnings per share. As a group, sell-side analysts expect that Wave Life Sciences Ltd. will post -0.94 EPS for the current year.

Insider Activity

In other Wave Life Sciences news, CFO Kyle Moran sold 15,630 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $6.17, for a total transaction of $96,437.10. Following the transaction, the chief financial officer now directly owns 33,921 shares in the company, valued at approximately $209,292.57. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 31.10% of the company’s stock.

Institutional Trading of Wave Life Sciences

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Wave Life Sciences by 3.5% during the fourth quarter. Wellington Management Group LLP now owns 274,093 shares of the company’s stock worth $1,384,000 after purchasing an additional 9,208 shares in the last quarter. Virtu Financial LLC acquired a new position in Wave Life Sciences during the 4th quarter valued at about $174,000. Public Employees Retirement System of Ohio purchased a new stake in Wave Life Sciences in the fourth quarter valued at about $64,000. Birchview Capital LP acquired a new stake in Wave Life Sciences in the fourth quarter worth about $202,000. Finally, Platinum Investment Management Ltd. grew its stake in shares of Wave Life Sciences by 43.9% during the fourth quarter. Platinum Investment Management Ltd. now owns 655,331 shares of the company’s stock worth $3,309,000 after acquiring an additional 200,000 shares during the last quarter. 89.73% of the stock is owned by hedge funds and other institutional investors.

Wave Life Sciences Company Profile

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.