Wave Life Sciences Ltd. (NASDAQ:WVE) Stock Position Lessened by M28 Capital Management LP

M28 Capital Management LP lessened its position in shares of Wave Life Sciences Ltd. (NASDAQ:WVE) by 11.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,164,548 shares of the company’s stock after selling 835,452 shares during the quarter. Wave Life Sciences accounts for 39.9% of M28 Capital Management LP’s portfolio, making the stock its biggest holding. M28 Capital Management LP owned 4.94% of Wave Life Sciences worth $30,761,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. purchased a new stake in shares of Wave Life Sciences in the second quarter worth about $130,000. Hsbc Holdings PLC purchased a new position in shares of Wave Life Sciences in the 2nd quarter worth approximately $104,000. Emerald Advisers LLC acquired a new position in shares of Wave Life Sciences during the second quarter worth $12,441,000. Emerald Mutual Fund Advisers Trust acquired a new position in Wave Life Sciences during the 2nd quarter valued at about $9,086,000. Finally, Rhumbline Advisers raised its position in shares of Wave Life Sciences by 3.4% in the 2nd quarter. Rhumbline Advisers now owns 125,834 shares of the company’s stock valued at $628,000 after purchasing an additional 4,092 shares during the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.

Wall Street Analyst Weigh In

WVE has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and set a $15.00 target price on shares of Wave Life Sciences in a research report on Wednesday, June 26th. JPMorgan Chase & Co. initiated coverage on shares of Wave Life Sciences in a report on Monday, September 9th. They set an “overweight” rating and a $10.00 price objective on the stock. B. Riley assumed coverage on Wave Life Sciences in a research report on Thursday. They set a “buy” rating and a $11.00 price target for the company. Finally, Mizuho restated an “outperform” rating and set a $19.00 target price on shares of Wave Life Sciences in a report on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.50.

Insider Buying and Selling

In related news, CEO Paul Bolno sold 48,366 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $5.78, for a total transaction of $279,555.48. Following the transaction, the chief executive officer now owns 359,059 shares in the company, valued at $2,075,361.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 29.10% of the company’s stock.

Wave Life Sciences Stock Performance

Wave Life Sciences stock opened at $5.68 on Friday. The firm has a 50 day moving average price of $5.84 and a 200 day moving average price of $5.80. Wave Life Sciences Ltd. has a 1 year low of $3.50 and a 1 year high of $7.67. The company has a market cap of $708.52 million, a price-to-earnings ratio of -10.92 and a beta of -1.13.

Wave Life Sciences (NASDAQ:WVE) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.09). The firm had revenue of $19.69 million during the quarter, compared to analyst estimates of $24.80 million. Wave Life Sciences had a negative return on equity of 1,395.99% and a negative net margin of 66.50%. During the same quarter in the prior year, the firm earned ($0.20) EPS. Sell-side analysts predict that Wave Life Sciences Ltd. will post -1.04 EPS for the current year.

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.