Wave Life Sciences (NASDAQ:WVE) Trading Up 5.7% – Still a Buy?

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

Analysts Set New Price Targets

WVE has been the subject of several analyst reports. Royal Bank of Canada raised their price target on shares of Wave Life Sciences from $7.00 to $15.00 and gave the company a “sector perform” rating in a research note on Monday, October 21st. B. Riley upped their price target on Wave Life Sciences from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, November 4th. HC Wainwright restated a “buy” rating and set a $22.00 price objective on shares of Wave Life Sciences in a research report on Wednesday, November 13th. JPMorgan Chase & Co. increased 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 report on Thursday, October 17th. Finally, Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Wave Life Sciences has an average rating of “Moderate Buy” and a consensus price target of $22.22.

Wave Life Sciences Price Performance

The business has a 50-day moving average of $12.49 and a 200 day moving average of $8.16.

Insider Buying and Selling

In related news, major shareholder Plc Gsk acquired 2,791,930 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was purchased at an average cost of $8.00 per share, with a total value of $22,335,440.00. Following the acquisition, the insider now owns 16,775,691 shares of the company’s stock, valued at approximately $134,205,528. This trade represents a 19.97 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Paul Bolno sold 90,474 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 268,585 shares of the company’s stock, valued at approximately $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. Insiders have sold a total of 453,690 shares of company stock worth $6,425,883 in the last ninety days. Corporate insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Wave Life Sciences

Hedge funds have recently bought and sold shares of the company. Maverick Capital Ltd. raised its holdings in shares of Wave Life Sciences by 31.0% in the third quarter. Maverick Capital Ltd. now owns 10,047,520 shares of the company’s stock valued at $82,390,000 after purchasing an additional 2,378,159 shares during the last quarter. Emerald Advisers LLC increased its stake in Wave Life Sciences by 15.6% in the 3rd quarter. Emerald Advisers LLC now owns 2,881,510 shares of the company’s stock valued at $23,628,000 after buying an additional 388,280 shares during the last quarter. State Street Corp increased its stake in Wave Life Sciences by 2.6% in the 3rd quarter. State Street Corp now owns 2,321,248 shares of the company’s stock valued at $19,034,000 after buying an additional 57,822 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Wave Life Sciences by 14.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,269,664 shares of the company’s stock worth $18,615,000 after buying an additional 283,419 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust boosted its stake in shares of Wave Life Sciences by 16.6% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 2,123,466 shares of the company’s stock worth $17,412,000 after buying an additional 302,528 shares during the last quarter. 89.73% of the stock is owned by hedge funds and other 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.