M28 Capital Management LP Sells 500,000 Shares of Wave Life Sciences Ltd. (NASDAQ:WVE)

M28 Capital Management LP decreased its holdings in shares of Wave Life Sciences Ltd. (NASDAQ:WVE) by 8.1% in the 4th quarter, Holdings Channel reports. The fund owned 5,664,548 shares of the company’s stock after selling 500,000 shares during the period. Wave Life Sciences accounts for 68.8% of M28 Capital Management LP’s investment portfolio, making the stock its largest holding. M28 Capital Management LP’s holdings in Wave Life Sciences were worth $70,070,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Barclays PLC boosted its holdings in shares of Wave Life Sciences by 171.1% during the 3rd quarter. Barclays PLC now owns 159,241 shares of the company’s stock valued at $1,307,000 after acquiring an additional 100,498 shares in the last quarter. Geode Capital Management LLC boosted 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 purchasing an additional 283,419 shares in the last quarter. State Street Corp boosted its stake in shares of Wave Life Sciences by 2.6% during the third quarter. State Street Corp now owns 2,321,248 shares of the company’s stock valued at $19,034,000 after purchasing an additional 57,822 shares in the last quarter. Moody Aldrich Partners LLC grew its holdings in shares of Wave Life Sciences by 31.5% during the fourth quarter. Moody Aldrich Partners LLC now owns 398,475 shares of the company’s stock worth $4,929,000 after purchasing an additional 95,413 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Wave Life Sciences in the third quarter valued at approximately $126,000. Institutional investors own 89.73% of the company’s stock.

Insiders Place Their Bets

In related news, Director Christian O. Henry sold 10,500 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.77, for a total transaction of $102,585.00. Following the transaction, the director now directly owns 16,115 shares of the company’s stock, valued at approximately $157,443.55. This represents a 39.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul Bolno sold 169,025 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $9.57, for a total value of $1,617,569.25. Following the completion of the transaction, the chief executive officer now owns 338,351 shares in the company, valued at approximately $3,238,019.07. The trade was a 33.31 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 29.10% of the company’s stock.

Wave Life Sciences Price Performance

Shares of Wave Life Sciences stock opened at $5.92 on Friday. The firm has a market cap of $908.64 million, a price-to-earnings ratio of -5.33 and a beta of -0.93. The stock’s 50-day moving average is $8.92 and its 200 day moving average is $11.57. Wave Life Sciences Ltd. has a one year low of $4.25 and a one year high of $16.74.

Wave Life Sciences (NASDAQ:WVE) last posted its quarterly earnings results on Tuesday, March 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.34. The firm had revenue of $83.75 million for the quarter, compared to analysts’ expectations of $25.60 million. Wave Life Sciences had a negative return on equity of 280.57% and a negative net margin of 66.50%. On average, sell-side analysts expect that Wave Life Sciences Ltd. will post -1.14 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wedbush assumed coverage on shares of Wave Life Sciences in a research report on Tuesday, April 8th. They set an “outperform” rating and a $18.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $22.00 price objective on shares of Wave Life Sciences in a research note on Wednesday, March 26th. StockNews.com raised Wave Life Sciences from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. Finally, Jefferies Financial Group assumed coverage on Wave Life Sciences in a research report on Tuesday, February 25th. They issued a “buy” rating and a $26.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.18.

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.