Bank of America Corp DE lifted its position in shares of Wave Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 58.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 435,896 shares of the company's stock after purchasing an additional 160,820 shares during the period. Bank of America Corp DE owned 0.29% of Wave Life Sciences worth $5,392,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Quarry LP bought a new stake in Wave Life Sciences during the 4th quarter valued at $62,000. KBC Group NV purchased a new position in Wave Life Sciences during the fourth quarter valued at approximately $67,000. Summit Investment Advisors Inc. raised its position in shares of Wave Life Sciences by 31.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 9,642 shares of the company's stock valued at $119,000 after buying an additional 2,308 shares during the last quarter. Westwood Wealth Management bought a new stake in Wave Life Sciences in the fourth quarter worth $124,000. Finally, Ameriprise Financial Inc. bought a new position in Wave Life Sciences during the fourth quarter valued at $129,000. Institutional investors own 89.73% of the company's stock.
Insiders Place Their Bets
In related news, CEO Paul Bolno sold 169,025 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $9.57, for a total value of $1,617,569.25. Following the completion of the sale, the chief executive officer now owns 338,351 shares in the company, valued at approximately $3,238,019.07. This represents a 33.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Christian O. Henry sold 10,500 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.77, for a total value of $102,585.00. Following the transaction, the director now directly owns 16,115 shares of the company's stock, valued at $157,443.55. This trade represents a 39.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 29.10% of the company's stock.
Analysts Set New Price Targets
WVE has been the subject of a number of research reports. HC Wainwright reaffirmed a "buy" rating and issued a $22.00 price objective 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 report on Friday, May 9th. Jefferies Financial Group initiated coverage on Wave Life Sciences in a research report on Tuesday, February 25th. They set a "buy" rating and a $26.00 target price on the stock. Wedbush started coverage on Wave Life Sciences in a research note on Tuesday, April 8th. They issued an "outperform" rating and a $18.00 target price for the company. Finally, Cantor Fitzgerald assumed coverage on Wave Life Sciences in a research report on Tuesday, April 29th. They set an "overweight" rating and a $10.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.17.
Check Out Our Latest Analysis on Wave Life Sciences
Wave Life Sciences Price Performance
WVE traded down $0.16 during trading hours on Friday, hitting $6.08. 1,272,679 shares of the stock were exchanged, compared to its average volume of 1,300,185. Wave Life Sciences Ltd. has a 12 month low of $4.25 and a 12 month high of $16.74. The stock has a 50-day simple moving average of $6.64 and a 200-day simple moving average of $10.23. The stock has a market cap of $937.13 million, a price-to-earnings ratio of -5.48 and a beta of -0.92.
Wave Life Sciences (NASDAQ:WVE - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $9.18 million during the quarter, compared to analyst estimates of $11.65 million. During the same quarter last year, the business earned ($0.24) EPS. Sell-side analysts expect that Wave Life Sciences Ltd. will post -1.14 EPS for the current year.
About Wave Life Sciences
(
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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