The Manufacturers Life Insurance Company Has $1.38 Million Position in Wave Life Sciences Ltd. (NASDAQ:WVE)

The Manufacturers Life Insurance Company lifted its stake in Wave Life Sciences Ltd. (NASDAQ:WVE) by 20.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 168,141 shares of the company’s stock after purchasing an additional 28,351 shares during the period. The Manufacturers Life Insurance Company’s holdings in Wave Life Sciences were worth $1,379,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of WVE. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Wave Life Sciences by 23.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,512 shares of the company’s stock worth $37,000 after purchasing an additional 856 shares in the last quarter. Profund Advisors LLC bought a new position in shares of Wave Life Sciences during the second quarter worth $53,000. Principal Financial Group Inc. bought a new position in shares of Wave Life Sciences during the second quarter worth $74,000. Mackenzie Financial Corp boosted its position in shares of Wave Life Sciences by 13.6% during the second quarter. Mackenzie Financial Corp now owns 15,887 shares of the company’s stock worth $79,000 after purchasing an additional 1,905 shares in the last quarter. Finally, US Bancorp DE boosted its position in shares of Wave Life Sciences by 53.9% during the third quarter. US Bancorp DE now owns 18,043 shares of the company’s stock worth $148,000 after purchasing an additional 6,316 shares in the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.

Insider Activity

In related news, CFO Kyle Moran sold 17,146 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $9.00, for a total value of $154,314.00. Following the transaction, the chief financial officer now owns 19,777 shares in the company, valued at approximately $177,993. This represents a 46.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Plc Gsk purchased 2,791,930 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was bought at an average price of $8.00 per share, for a total transaction of $22,335,440.00. Following the purchase, the insider now owns 16,775,691 shares in the company, valued at $134,205,528. The trade was a 19.97 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 453,690 shares of company stock valued at $6,425,883. 29.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WVE. Royal Bank of Canada lifted their price target on shares of Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Monday, October 21st. Truist Financial lifted their price target on shares of Wave Life Sciences from $17.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Raymond James upgraded shares of Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $13.00 to $22.00 in a report on Wednesday, October 16th. HC Wainwright restated a “buy” rating and set a $22.00 price objective on shares of Wave Life Sciences in a report on Wednesday, November 13th. Finally, Mizuho raised their price objective on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.22.

Wave Life Sciences Price Performance

Shares of NASDAQ:WVE opened at $14.97 on Wednesday. The company’s 50-day moving average price is $13.46 and its two-hundred day moving average price is $8.59. Wave Life Sciences Ltd. has a one year low of $3.50 and a one year high of $16.74. The stock has a market capitalization of $2.28 billion, a PE ratio of -13.48 and a beta of -1.21.

Wave Life Sciences 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.