Wave Life Sciences (NASDAQ:WVE) Trading Up 5.7% – Here’s Why

Wave Life Sciences Ltd. (NASDAQ:WVE) rose 5.7% during trading on Monday . The company traded as high as $16.38 and last traded at $15.96. Approximately 264,272 shares changed hands during trading, a decline of 76% from the average daily volume of 1,107,457 shares. The stock had previously closed at $15.10.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their target price on shares of Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada raised their price target on shares of Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research note on Monday, October 21st. Raymond James upgraded Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $13.00 to $22.00 in a research note on Wednesday, October 16th. Finally, HC Wainwright reissued a “buy” rating and issued a $22.00 target price on shares of Wave Life Sciences in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.22.

Wave Life Sciences Trading Up 5.5 %

The business’s fifty day simple moving average is $12.49 and its 200-day simple moving average is $8.16.

Insider Buying and Selling

In other news, CFO Kyle Moran sold 17,146 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $9.00, for a total value of $154,314.00. Following the transaction, the chief financial officer now owns 19,777 shares of the company’s stock, valued at approximately $177,993. This represents a 46.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Paul Bolno sold 50,000 shares of Wave Life Sciences stock in a transaction on Monday, November 25th. The shares were 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 of the company’s stock, valued at $3,260,265. This represents a 18.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 453,690 shares of company stock valued at $6,425,883. Corporate insiders own 29.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Barclays PLC lifted its position in Wave Life Sciences by 171.1% in the 3rd quarter. Barclays PLC now owns 159,241 shares of the company’s stock worth $1,307,000 after buying an additional 100,498 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Wave Life Sciences by 14.3% during 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 period. Orion Portfolio Solutions LLC purchased a new stake in shares of Wave Life Sciences in the 3rd quarter worth about $123,000. XTX Topco Ltd bought a new stake in Wave Life Sciences during the 3rd quarter valued at approximately $126,000. Finally, Jane Street Group LLC grew its stake in Wave Life Sciences by 33.3% in the third quarter. Jane Street Group LLC now owns 142,014 shares of the company’s stock worth $1,165,000 after purchasing an additional 35,472 shares during the period. 89.73% of the stock is currently owned by 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.