Point72 Asset Management L.P. Cuts Stake in Wave Life Sciences Ltd. (NASDAQ:WVE)

Point72 Asset Management L.P. cut its holdings in Wave Life Sciences Ltd. (NASDAQ:WVE) by 75.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,096 shares of the company’s stock after selling 87,382 shares during the quarter. Point72 Asset Management L.P.’s holdings in Wave Life Sciences were worth $230,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. bought a new stake in shares of Wave Life Sciences in the 3rd quarter valued at about $3,985,000. Maven Securities LTD bought a new position in Wave Life Sciences in the third quarter worth approximately $6,970,000. Cinctive Capital Management LP lifted its holdings in Wave Life Sciences by 255.7% during the third quarter. Cinctive Capital Management LP now owns 356,308 shares of the company’s stock worth $2,922,000 after buying an additional 256,146 shares during the period. Baker BROS. Advisors LP purchased a new stake in Wave Life Sciences during the third quarter worth $2,821,000. Finally, Maverick Capital Ltd. boosted its position in Wave Life Sciences by 31.0% during the 3rd quarter. Maverick Capital Ltd. now owns 10,047,520 shares of the company’s stock valued at $82,390,000 after acquiring an additional 2,378,159 shares in the last quarter. 89.73% of the stock is currently owned by institutional investors.

Insider Transactions at Wave Life Sciences

In other Wave Life Sciences news, CEO Paul Bolno sold 50,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $15.00, for a total value of $750,000.00. Following the completion of the sale, the chief executive officer now owns 217,351 shares in the company, valued at approximately $3,260,265. This represents a 18.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chris Francis sold 36,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $16.00, for a total value of $576,000.00. The disclosure for this sale can be found here. Insiders sold 453,690 shares of company stock valued at $6,425,883 over the last 90 days. Corporate insiders own 29.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. Leerink Partners boosted their target price on Wave Life Sciences from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company upped their price target on shares of Wave Life Sciences from $11.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada raised their price objective on Wave Life Sciences from $7.00 to $15.00 and gave the stock a “sector perform” rating in a research note on Monday, October 21st. Finally, B. Riley raised their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.22.

Wave Life Sciences Price Performance

Shares of WVE stock opened at $13.85 on Friday. The stock has a 50 day simple moving average of $13.70 and a 200-day simple moving average of $8.67. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -12.48 and a beta of -1.21. Wave Life Sciences Ltd. has a 1-year low of $3.50 and a 1-year high of $16.74.

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.