Connor Clark & Lunn Investment Management Ltd. Decreases Stake in Wave Life Sciences Ltd. (NASDAQ:WVE)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Wave Life Sciences Ltd. (NASDAQ:WVE) by 4.3% in the third quarter, HoldingsChannel.com reports. The firm owned 325,009 shares of the company’s stock after selling 14,740 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Wave Life Sciences were worth $2,665,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. ProShare Advisors LLC boosted its holdings in shares of Wave Life Sciences by 35.0% during the first quarter. ProShare Advisors LLC now owns 21,764 shares of the company’s stock worth $134,000 after purchasing an additional 5,648 shares during the period. Vanguard Group Inc. grew its position in shares of Wave Life Sciences by 39.7% in the 1st quarter. Vanguard Group Inc. now owns 1,834,090 shares of the company’s stock worth $11,316,000 after buying an additional 521,665 shares during the last quarter. American International Group Inc. increased its stake in shares of Wave Life Sciences by 23.3% during the first quarter. American International Group Inc. now owns 36,241 shares of the company’s stock valued at $224,000 after buying an additional 6,851 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Wave Life Sciences by 14.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,861,254 shares of the company’s stock valued at $11,485,000 after acquiring an additional 233,891 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Wave Life Sciences by 13.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 241,860 shares of the company’s stock worth $1,492,000 after acquiring an additional 29,483 shares during the period. Institutional investors own 89.73% of the company’s stock.

Wave Life Sciences Stock Down 0.6 %

Wave Life Sciences stock opened at $14.27 on Monday. Wave Life Sciences Ltd. has a twelve month low of $3.50 and a twelve month high of $16.74. The company has a market capitalization of $2.18 billion, a P/E ratio of -12.86 and a beta of -1.20. The stock’s 50 day moving average is $11.57 and its 200 day moving average is $7.83.

Insiders Place Their Bets

In other news, CEO Paul Bolno sold 51,234 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $14.32, for a total transaction of $733,670.88. Following the sale, the chief executive officer now owns 217,351 shares in the company, valued at $3,112,466.32. This represents a 19.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Plc Gsk acquired 2,791,930 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was purchased at an average price of $8.00 per share, with a total value of $22,335,440.00. Following the completion of the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 403,690 shares of company stock valued at $5,675,883. 29.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

WVE has been the topic of a number of research analyst reports. Leerink Partners boosted their price objective on shares of Wave Life Sciences from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. HC Wainwright reissued a “buy” rating and issued a $22.00 price target on shares of Wave Life Sciences in a research note on Wednesday, November 13th. Truist Financial lifted their price objective on Wave Life Sciences from $17.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Raymond James raised Wave Life Sciences from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $13.00 to $22.00 in a research report on Wednesday, October 16th. Finally, Mizuho lifted their price target on Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Wave Life Sciences has a consensus rating of “Moderate Buy” and a consensus target price of $22.22.

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.