Wave Life Sciences (NASDAQ:WVE) Trading Up 7.7% – Should You Buy?

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WVE. Wells Fargo & Company boosted their price objective on Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Truist Financial lifted their target price on shares of Wave Life Sciences from $17.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Leerink Partners raised their target price on Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. HC Wainwright restated a “buy” rating and set a $22.00 price target on shares of Wave Life Sciences in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. increased their price objective on Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.22.

Wave Life Sciences Stock Up 7.1 %

The company’s 50-day moving average price is $14.26 and its 200-day moving average price is $9.38. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of -11.94 and a beta of -1.21.

Insider Transactions at Wave Life Sciences

In other Wave Life Sciences news, insider Chris Francis sold 208,836 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $13.67, for a total value of $2,854,788.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Paul Bolno sold 90,474 shares of Wave Life Sciences stock in a transaction dated Wednesday, October 16th. The stock was 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 directly owns 268,585 shares of the company’s stock, valued at $4,028,775. This trade represents a 25.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 436,544 shares of company stock valued at $6,271,569. 29.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wave Life Sciences

Several large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Wave Life Sciences by 23.4% during 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. Mackenzie Financial Corp boosted its stake in Wave Life Sciences by 13.6% during the 2nd quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after purchasing an additional 1,905 shares during the period. Rhumbline Advisers grew its position in Wave Life Sciences by 3.4% during the 2nd quarter. Rhumbline Advisers now owns 125,834 shares of the company’s stock worth $628,000 after purchasing an additional 4,092 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Wave Life Sciences by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 139,790 shares of the company’s stock valued at $698,000 after purchasing an additional 4,914 shares during the period. Finally, US Bancorp DE raised its holdings in shares of Wave Life Sciences by 53.9% in the third quarter. US Bancorp DE now owns 18,043 shares of the company’s stock valued at $148,000 after buying an additional 6,316 shares during the last quarter. Institutional investors and hedge funds 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.