WAVE Life Sciences (NASDAQ:WVE) Stock Price Down 6.6% – Time to Sell?

Shares of WAVE Life Sciences Ltd. (NASDAQ:WVE) dropped 6.6% during mid-day trading on Wednesday. The company traded as low as $4.10 and last traded at $4.0650. 376,764 shares were traded during mid-day trading, a decline of 90% from the average session volume of 3,767,417 shares. The stock had previously closed at $4.35.

WAVE Life Sciences News Roundup

Here are the key news stories impacting WAVE Life Sciences this week:

• Positive Sentiment: WVE-007 obesity trial begins: WAVE initiated a Phase 2a combination study evaluating its GalNAc-siRNA drug candidate WVE-007 with tirzepatide. The company says WVE-007 has shown fat loss without muscle loss, supports potentially infrequent dosing, and produced approximately double the weight loss of a GLP-1 treatment alone in preclinical combination data. The trial provides a path to generate clinical data in the large and competitive obesity market. WAVE Life Sciences Phase 2a trial announcement
• Neutral Sentiment: Short-interest data appears inconsistent: A market update described a significant increase in short interest but reported total short interest of zero shares and a 0.0-day short-interest ratio based on average daily volume. The figures do not indicate meaningful measurable short positioning, but the apparent data discrepancy limits their usefulness as a trading signal.
• Negative Sentiment: JPMorgan adopts a Neutral view: JPMorgan began coverage of WVE with a Neutral rating, and a separate report characterized the move as a downgrade from Overweight. The absence of a bullish recommendation may pressure the stock, particularly as investors await clinical validation of WVE-007. JPMorgan WAVE Life Sciences rating report

Analyst Ratings Changes

A number of research analysts have weighed in on WVE shares. UBS Group set a $13.00 target price on WAVE Life Sciences in a report on Monday, August 3rd. JPMorgan Chase & Co. initiated coverage on WAVE Life Sciences in a research report on Wednesday. They set a “neutral” rating on the stock. Wall Street Zen cut WAVE Life Sciences from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 1st. Zacks Research downgraded WAVE Life Sciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. Finally, HC Wainwright reissued a “buy” rating on shares of WAVE Life Sciences in a research report on Monday, August 3rd. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, WAVE Life Sciences has a consensus rating of “Moderate Buy” and a consensus target price of $22.31.

WAVE Life Sciences Stock Performance

The business has a 50-day moving average price of $5.19 and a 200 day moving average price of $6.61. The stock has a market capitalization of $780.32 million, a P/E ratio of -3.63 and a beta of -1.30.

WAVE Life Sciences (NASDAQ:WVE) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). WAVE Life Sciences had a negative net margin of 309.73% and a negative return on equity of 50.36%. The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $7.45 million. As a group, research analysts forecast that WAVE Life Sciences Ltd. will post -1.11 earnings per share for the current fiscal year.

Insider Buying and Selling at WAVE Life Sciences

In other news, Director Adrian Rawcliffe sold 12,700 shares of WAVE Life Sciences stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $5.29, for a total value of $67,183.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Heidi Wagner sold 7,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $6.01, for a total transaction of $42,070.00. Following the completion of the transaction, the director owned 44,930 shares in the company, valued at approximately $270,029.30. The trade was a 13.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,564 shares of company stock valued at $132,476 over the last 90 days. Corporate insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new position in WAVE Life Sciences in the 2nd quarter worth approximately $180,000. Squarepoint Ops LLC boosted its stake in WAVE Life Sciences by 68.0% during the 2nd quarter. Squarepoint Ops LLC now owns 2,541,442 shares of the company’s stock valued at $14,766,000 after purchasing an additional 1,029,052 shares during the last quarter. Arizona State Retirement System boosted its stake in WAVE Life Sciences by 17.1% during the 2nd quarter. Arizona State Retirement System now owns 35,826 shares of the company’s stock valued at $208,000 after purchasing an additional 5,228 shares during the last quarter. Readystate Asset Management LP bought a new stake in shares of WAVE Life Sciences in the 2nd quarter worth $27,465,000. Finally, AlphaGrep UK Ltd bought a new stake in WAVE Life Sciences in the 2nd quarter worth about $78,000. Institutional investors own 89.73% of the company’s stock.

WAVE Life Sciences Company Profile

WAVE Life Sciences Ltd. (NASDAQ: WVE) is a biotechnology company focused on developing medicines that target RNA, the biological molecule that helps translate genetic information into proteins. The company uses its oligonucleotide chemistry and delivery technologies to pursue treatments for genetically defined diseases, including conditions affecting the liver, muscles and nervous system.

WAVE’s research programs include RNA editing medicines designed to correct or modify disease-related genetic messages without permanently altering DNA.