Bank of America Corp DE increased its stake in Wave Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 58.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 435,896 shares of the company's stock after purchasing an additional 160,820 shares during the quarter. Bank of America Corp DE owned about 0.29% of Wave Life Sciences worth $5,392,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Quarry LP purchased a new position in shares of Wave Life Sciences in the fourth quarter valued at $62,000. KBC Group NV bought a new position in Wave Life Sciences in the 4th quarter worth about $67,000. Summit Investment Advisors Inc. increased its stake in Wave Life Sciences by 31.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock worth $119,000 after acquiring an additional 2,308 shares during the last quarter. Westwood Wealth Management bought a new position in Wave Life Sciences in the 4th quarter worth about $124,000. Finally, Ameriprise Financial Inc. bought a new position in Wave Life Sciences in the 4th quarter worth about $129,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.
Wave Life Sciences Stock Up 3.1%
Shares of Wave Life Sciences stock traded up $0.19 during trading on Thursday, hitting $6.24. 917,772 shares of the stock traded hands, compared to its average volume of 1,295,561. The stock has a market cap of $961.80 million, a price-to-earnings ratio of -5.62 and a beta of -0.92. The firm's fifty day moving average is $6.71 and its 200-day moving average is $10.37. Wave Life Sciences Ltd. has a 52 week low of $4.25 and a 52 week high of $16.74.
Wave Life Sciences (NASDAQ:WVE - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 280.57%. The firm had revenue of $9.18 million for the quarter, compared to the consensus estimate of $11.65 million. During the same quarter last year, the company posted ($0.24) earnings per share. On average, analysts forecast that Wave Life Sciences Ltd. will post -1.14 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO Paul Bolno sold 169,025 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $9.57, for a total transaction of $1,617,569.25. Following the transaction, the chief executive officer now directly owns 338,351 shares in the company, valued at $3,238,019.07. This trade represents a 33.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christian O. Henry sold 10,500 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.77, for a total value of $102,585.00. Following the transaction, the director now owns 16,115 shares in the company, valued at approximately $157,443.55. The trade was a 39.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.10% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
WVE has been the topic of a number of research analyst reports. Cantor Fitzgerald initiated coverage on Wave Life Sciences in a research note on Tuesday, April 29th. They issued an "overweight" rating and a $10.00 target price on the stock. Jefferies Financial Group initiated coverage on Wave Life Sciences in a research note on Tuesday, February 25th. They issued a "buy" rating and a $26.00 target price on the stock. HC Wainwright restated a "buy" rating and issued a $22.00 target price on shares of Wave Life Sciences in a research note on Wednesday, March 26th. Wall Street Zen lowered Wave Life Sciences from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. Finally, Wedbush initiated coverage on Wave Life Sciences in a research note on Tuesday, April 8th. They issued an "outperform" rating and a $18.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.17.
Check Out Our Latest Stock Report on WVE
Wave Life Sciences Profile
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Free Report)
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.
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