Adage Capital Partners GP L.L.C. Reduces Stock Position in Wave Life Sciences Ltd. (NASDAQ:WVE)

Adage Capital Partners GP L.L.C. lowered its position in shares of Wave Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,622,104 shares of the company's stock after selling 81,247 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 6.31% of Wave Life Sciences worth $119,025,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of WVE. KBC Group NV acquired a new position in Wave Life Sciences during the fourth quarter valued at approximately $67,000. Summit Investment Advisors Inc. grew its position in shares of Wave Life Sciences by 31.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock valued at $119,000 after purchasing an additional 2,308 shares during the period. Westwood Wealth Management bought a new stake in Wave Life Sciences during the 4th quarter worth approximately $124,000. Raymond James Financial Inc. bought a new position in Wave Life Sciences in the fourth quarter valued at approximately $157,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Wave Life Sciences by 16.6% in the fourth quarter. Victory Capital Management Inc. now owns 14,546 shares of the company's stock valued at $180,000 after buying an additional 2,073 shares during the period. 89.73% of the stock is owned by institutional investors.

Wave Life Sciences Trading Down 1.5 %

NASDAQ:WVE traded down $0.10 during mid-day trading on Monday, hitting $6.63. 477,338 shares of the company's stock were exchanged, compared to its average volume of 1,212,313. The firm has a market capitalization of $1.02 billion, a P/E ratio of -5.96 and a beta of -0.93. Wave Life Sciences Ltd. has a fifty-two week low of $4.25 and a fifty-two week high of $16.74. The company has a 50 day simple moving average of $8.49 and a 200-day simple moving average of $11.54.

Wave Life Sciences (NASDAQ:WVE - Get Free Report) last issued its earnings results on Tuesday, March 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.34. Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 280.57%. The business had revenue of $83.75 million for the quarter, compared to analyst estimates of $25.60 million. As a group, analysts expect that Wave Life Sciences Ltd. will post -1.14 earnings per share for the current year.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

WVE has been the subject of a number of recent research reports. HC Wainwright reaffirmed a "buy" rating and set a $22.00 price target on shares of Wave Life Sciences in a research report 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. Wedbush assumed coverage on Wave Life Sciences in a research report on Tuesday, April 8th. They set an "outperform" rating and a $18.00 price target on the stock. Finally, Jefferies Financial Group began coverage on Wave Life Sciences in a report on Tuesday, February 25th. They issued a "buy" rating and a $26.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.18.

Wave Life Sciences Company 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.