Franklin Resources Inc. Cuts Stock Position in Wave Life Sciences Ltd. (NASDAQ:WVE)

Franklin Resources Inc. lessened its stake in shares of Wave Life Sciences Ltd. (NASDAQ:WVE) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 93,096 shares of the company’s stock after selling 2,259 shares during the period. Franklin Resources Inc. owned 0.06% of Wave Life Sciences worth $813,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Wave Life Sciences by 23.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock valued at $37,000 after purchasing an additional 856 shares during the period. Mackenzie Financial Corp boosted its position in shares of Wave Life Sciences by 13.6% during the 2nd quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after purchasing an additional 1,905 shares during the period. Rhumbline Advisers grew its stake in shares of Wave Life Sciences by 3.4% in the second quarter. Rhumbline Advisers now owns 125,834 shares of the company’s stock valued at $628,000 after buying an additional 4,092 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Wave Life Sciences by 3.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 139,790 shares of the company’s stock valued at $698,000 after acquiring an additional 4,914 shares during the period. Finally, US Bancorp DE increased its stake in Wave Life Sciences by 53.9% during the third quarter. US Bancorp DE now owns 18,043 shares of the company’s stock worth $148,000 after purchasing an additional 6,316 shares during the period. Hedge funds and other institutional investors own 89.73% of the company’s stock.

Wall Street Analysts Forecast Growth

WVE has been the subject of several recent research reports. Wells Fargo & Company raised their price target on shares of Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. B. Riley raised their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 4th. Mizuho lifted their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. boosted their target price on Wave Life Sciences from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $13.00 to $22.00 in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Wave Life Sciences presently has a consensus rating of “Moderate Buy” and an average target price of $22.22.

Wave Life Sciences Stock Performance

Shares of NASDAQ:WVE opened at $12.90 on Monday. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -11.62 and a beta of -1.21. Wave Life Sciences Ltd. has a one year low of $3.50 and a one year high of $16.74. The company has a 50-day simple moving average of $14.41 and a 200-day simple moving average of $9.27.

Insiders Place Their Bets

In other Wave Life Sciences news, CEO Paul Bolno sold 51,234 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $14.32, for a total transaction of $733,670.88. Following the transaction, the chief executive officer now directly owns 217,351 shares in the company, valued at approximately $3,112,466.32. This represents a 19.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Chris Francis sold 208,836 shares of Wave Life Sciences stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $13.67, for a total value of $2,854,788.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 436,544 shares of company stock valued at $6,271,569. 29.10% of the stock is owned by company insiders.

Wave Life Sciences Profile

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.