Primecap Management Co. CA Sells 212,224 Shares of Wave Life Sciences Ltd. (NASDAQ:WVE)

Primecap Management Co. CA reduced its stake in Wave Life Sciences Ltd. (NASDAQ:WVE) by 7.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,664,216 shares of the company’s stock after selling 212,224 shares during the quarter. Primecap Management Co. CA owned about 2.18% of Wave Life Sciences worth $13,294,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameritas Investment Partners Inc. lifted its stake in shares of Wave Life Sciences by 50.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,334 shares of the company’s stock worth $45,000 after buying an additional 2,451 shares in the last quarter. Oxford Asset Management LLP purchased a new position in Wave Life Sciences in the 4th quarter worth approximately $51,000. Principal Financial Group Inc. bought a new position in Wave Life Sciences in the 2nd quarter valued at approximately $74,000. Teacher Retirement System of Texas purchased a new stake in Wave Life Sciences during the 4th quarter valued at $86,000. Finally, ProShare Advisors LLC boosted its stake in Wave Life Sciences by 35.0% during the 1st quarter. ProShare Advisors LLC now owns 21,764 shares of the company’s stock valued at $134,000 after purchasing an additional 5,648 shares during the last quarter. Hedge funds and other institutional investors own 89.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on WVE shares. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price target on shares of Wave Life Sciences in a report on Wednesday, June 26th. Mizuho restated an “outperform” rating and set a $19.00 target price on shares of Wave Life Sciences in a research note on Tuesday, June 25th. Finally, JPMorgan Chase & Co. started coverage on shares of Wave Life Sciences in a research note on Monday, September 9th. They issued an “overweight” rating and a $10.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.71.

Insider Activity at Wave Life Sciences

In other news, CEO Paul Bolno sold 48,366 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total value of $279,555.48. Following the transaction, the chief executive officer now owns 359,059 shares of the company’s stock, valued at $2,075,361.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 29.10% of the stock is owned by company insiders.

Wave Life Sciences Trading Down 4.2 %

WVE opened at $5.47 on Thursday. The company’s 50 day moving average is $5.84 and its 200 day moving average is $5.79. The company has a market cap of $682.33 million, a price-to-earnings ratio of -10.52 and a beta of -1.13. Wave Life Sciences Ltd. has a 12-month low of $3.50 and a 12-month high of $7.67.

Wave Life Sciences (NASDAQ:WVE) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.09). The business had revenue of $19.69 million for the quarter, compared to analysts’ expectations of $24.80 million. Wave Life Sciences had a negative return on equity of 1,395.99% and a negative net margin of 66.50%. During the same quarter in the prior year, the business earned ($0.20) EPS. As a group, analysts predict that Wave Life Sciences Ltd. will post -1.04 EPS for the current fiscal year.

About Wave Life Sciences

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.