Adage Capital Partners GP L.L.C. Purchases 2,894,396 Shares of WAVE Life Sciences Ltd. $WVE

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in WAVE Life Sciences by 30.1%, now owning approximately 8.12% of the company valued at $101.1 million.
• WAVE Life Sciences reported an earnings miss for the most recent quarter, with an EPS of ($0.31) against a consensus estimate of ($0.29).
• Despite the mixed performance, analysts remain optimistic, with an average target price of $20.27 for the stock, reflecting a consensus rating of "Moderate Buy."

Adage Capital Partners GP L.L.C. raised its stake in shares of WAVE Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 30.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,516,500 shares of the company's stock after purchasing an additional 2,894,396 shares during the quarter. Adage Capital Partners GP L.L.C. owned 8.12% of WAVE Life Sciences worth $101,133,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Squarepoint Ops LLC acquired a new position in shares of WAVE Life Sciences in the 4th quarter worth approximately $256,000. Principal Financial Group Inc. boosted its holdings in shares of WAVE Life Sciences by 23.9% in the 1st quarter. Principal Financial Group Inc. now owns 308,044 shares of the company's stock worth $2,489,000 after acquiring an additional 59,399 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of WAVE Life Sciences by 23.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,392 shares of the company's stock worth $648,000 after acquiring an additional 9,907 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of WAVE Life Sciences by 58.5% in the 4th quarter. Bank of America Corp DE now owns 435,896 shares of the company's stock worth $5,392,000 after acquiring an additional 160,820 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of WAVE Life Sciences by 14.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 165,238 shares of the company's stock worth $2,044,000 after acquiring an additional 20,520 shares in the last quarter. 89.73% of the stock is owned by institutional investors and hedge funds.

WAVE Life Sciences Stock Performance

NASDAQ:WVE traded up $0.11 during mid-day trading on Friday, hitting $8.29. The stock had a trading volume of 2,792,265 shares, compared to its average volume of 2,103,132. WAVE Life Sciences Ltd. has a twelve month low of $5.04 and a twelve month high of $16.74. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of -9.21 and a beta of -1.15. The company's 50 day simple moving average is $8.43 and its 200 day simple moving average is $7.92.

WAVE Life Sciences (NASDAQ:WVE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The business had revenue of $8.70 million for the quarter, compared to analysts' expectations of $11.52 million. As a group, equities analysts forecast that WAVE Life Sciences Ltd. will post -1.14 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WVE shares. Citigroup started coverage on WAVE Life Sciences in a report on Wednesday, July 16th. They issued a "buy" rating and a $16.00 target price on the stock. Canaccord Genuity Group initiated coverage on shares of WAVE Life Sciences in a research report on Monday, August 4th. They issued a "buy" rating and a $19.00 price objective for the company. Wells Fargo & Company dropped their price objective on shares of WAVE Life Sciences from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday. Wall Street Zen cut shares of WAVE Life Sciences from a "hold" rating to a "sell" rating in a research report on Friday, May 9th. Finally, Raymond James Financial initiated coverage on shares of WAVE Life Sciences in a research report on Wednesday, June 11th. They issued an "outperform" rating and a $14.00 price objective for the company. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.07.

Insider Activity at WAVE Life Sciences

In related news, CEO Paul Bolno sold 217,351 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $10.10, for a total value of $2,195,245.10. Following the transaction, the chief executive officer owned 121,000 shares in the company, valued at $1,222,100. The trade was a 64.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christian O. Henry sold 9,670 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $8.81, for a total transaction of $85,192.70. Following the completion of the transaction, the director owned 29,645 shares in the company, valued at approximately $261,172.45. The trade was a 24.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 271,893 shares of company stock worth $2,631,568. Corporate insiders own 23.98% of the company's stock.

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.