Insider Buying: WAVE Life Sciences (NASDAQ:WVE) Major Shareholder Purchases $27,930,000.00 in Stock

WAVE Life Sciences Ltd. (NASDAQ:WVE) major shareholder Plc Gsk acquired 1,470,000 shares of the stock in a transaction dated Thursday, December 11th. The stock was acquired at an average cost of $19.00 per share, with a total value of $27,930,000.00. Following the completion of the transaction, the insider owned 18,245,691 shares in the company, valued at approximately $346,668,129. This represents a 8.76% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

WAVE Life Sciences Price Performance

NASDAQ WVE opened at $16.34 on Thursday. The stock has a market capitalization of $2.73 billion, a P/E ratio of -21.79 and a beta of -1.72. The business has a 50 day simple moving average of $9.20 and a 200 day simple moving average of $8.26. WAVE Life Sciences Ltd. has a one year low of $5.28 and a one year high of $21.73.

WAVE Life Sciences (NASDAQ:WVE) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $7.61 million during the quarter, compared to analyst estimates of $9.85 million. WAVE Life Sciences had a negative net margin of 111.64% and a negative return on equity of 75.61%. Equities analysts expect that WAVE Life Sciences Ltd. will post -1.14 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on WVE shares. Royal Bank Of Canada raised shares of WAVE Life Sciences from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $9.00 to $27.00 in a research note on Monday, December 8th. Truist Financial increased their price objective on shares of WAVE Life Sciences from $36.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday. Wedbush raised their target price on WAVE Life Sciences from $20.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Raymond James Financial reaffirmed an “outperform” rating and set a $21.00 price target on shares of WAVE Life Sciences in a research note on Monday, December 8th. Finally, Canaccord Genuity Group increased their price target on WAVE Life Sciences from $19.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, December 8th. Thirteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.13.

Hedge Funds Weigh In On WAVE Life Sciences

Hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. grew its stake in shares of WAVE Life Sciences by 678,144.7% in the 3rd quarter. Federated Hermes Inc. now owns 3,750,693 shares of the company’s stock worth $27,455,000 after acquiring an additional 3,750,140 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of WAVE Life Sciences by 30.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 12,516,500 shares of the company’s stock valued at $101,133,000 after purchasing an additional 2,894,396 shares in the last quarter. Loomis Sayles & Co. L P boosted its holdings in WAVE Life Sciences by 35.3% during the second quarter. Loomis Sayles & Co. L P now owns 3,295,700 shares of the company’s stock worth $21,422,000 after purchasing an additional 859,160 shares during the last quarter. Stempoint Capital LP grew its position in WAVE Life Sciences by 902.2% in the 2nd quarter. Stempoint Capital LP now owns 900,338 shares of the company’s stock worth $5,852,000 after purchasing an additional 810,505 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its stake in WAVE Life Sciences by 1,489.5% in the 3rd quarter. Kennedy Capital Management LLC now owns 540,437 shares of the company’s stock valued at $3,956,000 after buying an additional 506,437 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.