683 Capital Management LLC Purchases 140,000 Shares of WAVE Life Sciences Ltd. $WVE

Key Points

• 683 Capital Management LLC has increased its stake in WAVE Life Sciences by 3.7% in Q1, now holding 3,925,000 shares worth approximately $31.7 million.
• WAVE Life Sciences reported a quarterly loss of ($0.31) per share, missing estimates, with revenues of $8.7 million against a $11.52 million forecast.
• The company's stock has seen increased interest from several institutional investors, with 89.73% of the stock owned by institutional investors and hedge funds.

683 Capital Management LLC raised its stake in WAVE Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 3.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,925,000 shares of the company's stock after acquiring an additional 140,000 shares during the period. WAVE Life Sciences comprises about 2.2% of 683 Capital Management LLC's investment portfolio, making the stock its 6th largest position. 683 Capital Management LLC owned 2.55% of WAVE Life Sciences worth $31,714,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of WVE. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of WAVE Life Sciences by 9.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,673 shares of the company's stock worth $151,000 after purchasing an additional 1,564 shares during the last quarter. Bank of New York Mellon Corp lifted its position in WAVE Life Sciences by 0.9% during the 1st quarter. Bank of New York Mellon Corp now owns 247,251 shares of the company's stock worth $1,998,000 after buying an additional 2,278 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in WAVE Life Sciences during the 4th quarter worth about $40,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in WAVE Life Sciences by 16.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,974 shares of the company's stock worth $339,000 after acquiring an additional 6,015 shares during the last quarter. Finally, Rhumbline Advisers increased its position in WAVE Life Sciences by 6.3% in the 1st quarter. Rhumbline Advisers now owns 132,700 shares of the company's stock valued at $1,072,000 after acquiring an additional 7,860 shares in the last quarter. 89.73% of the stock is currently owned by institutional investors.

WAVE Life Sciences Stock Performance

WVE traded up $0.11 during trading on Friday, reaching $8.29. The company had a trading volume of 2,792,265 shares, compared to its average volume of 2,103,132. WAVE Life Sciences Ltd. has a 12 month low of $5.04 and a 12 month high of $16.74. The business's fifty day moving average price is $8.43 and its 200 day moving average price is $7.92.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.02). The firm had revenue of $8.70 million for the quarter, compared to analyst estimates of $11.52 million. On average, analysts forecast that WAVE Life Sciences Ltd. will post -1.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Wedbush reiterated an "outperform" rating and set a $18.00 target price on shares of WAVE Life Sciences in a research report on Monday, June 23rd. HC Wainwright reaffirmed a "buy" rating and set a $22.00 price objective on shares of WAVE Life Sciences in a report on Wednesday. Citigroup began coverage on WAVE Life Sciences in a research report on Wednesday, July 16th. They issued a "buy" rating and a $16.00 price objective on the stock. Canaccord Genuity Group started coverage on WAVE Life Sciences in a research report on Monday, August 4th. They set a "buy" rating and a $19.00 target price for the company. Finally, Wall Street Zen lowered WAVE Life Sciences from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, WAVE Life Sciences has an average rating of "Moderate Buy" and a consensus target price of $20.07.

Insider Buying and Selling at WAVE Life Sciences

In other news, Director Gregory L. Verdine sold 10,000 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $10.00, for a total value of $100,000.00. Following the sale, the director owned 285,217 shares of the company's stock, valued at $2,852,170. The trade was a 3.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christian O. Henry sold 9,670 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $8.81, for a total transaction of $85,192.70. Following the completion of the sale, the director directly owned 29,645 shares in the company, valued at approximately $261,172.45. This represents a 24.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 271,893 shares of company stock worth $2,631,568. Company insiders own 23.98% 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.