Ikarian Capital LLC Buys Shares of 590,088 Wave Life Sciences Ltd. (NASDAQ:WVE)

Ikarian Capital LLC bought a new stake in Wave Life Sciences Ltd. (NASDAQ:WVE) during the 1st quarter, Holdings Channel reports. The fund bought 590,088 shares of the company’s stock, valued at approximately $3,641,000.

Several other hedge funds have also recently added to or reduced their stakes in WVE. Ameritas Investment Partners Inc. increased its holdings 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 acquiring an additional 2,451 shares in the last quarter. Swiss National Bank raised its position in Wave Life Sciences by 2.7% in the 1st quarter. Swiss National Bank now owns 156,500 shares of the company’s stock valued at $966,000 after buying an additional 4,100 shares during the last quarter. Capstone Investment Advisors LLC raised its position in Wave Life Sciences by 9.0% in the 1st quarter. Capstone Investment Advisors LLC now owns 54,500 shares of the company’s stock valued at $336,000 after buying an additional 4,500 shares during the last quarter. ProShare Advisors LLC raised its position in Wave Life Sciences by 35.0% in the 1st quarter. ProShare Advisors LLC now owns 21,764 shares of the company’s stock valued at $134,000 after buying an additional 5,648 shares during the last quarter. Finally, American International Group Inc. raised its position in Wave Life Sciences by 23.3% in the 1st 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 last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on WVE. HC Wainwright reissued a “buy” rating and issued a $15.00 target price on shares of Wave Life Sciences in a research report on Wednesday, June 26th. Mizuho reissued an “outperform” rating and issued a $19.00 target price on shares of Wave Life Sciences in a research report on Tuesday, June 25th. Wells Fargo & Company began coverage on Wave Life Sciences in a research report on Wednesday, May 15th. They issued an “overweight” rating and a $11.00 target price on the stock. Finally, StockNews.com lowered Wave Life Sciences from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.17.

Wave Life Sciences Stock Down 6.8 %

Shares of NASDAQ WVE traded down $0.45 during midday trading on Thursday, hitting $6.16. 768,801 shares of the company’s stock were exchanged, compared to its average volume of 860,560. Wave Life Sciences Ltd. has a 12 month low of $3.50 and a 12 month high of $7.67. The company’s 50 day moving average price is $5.84 and its 200 day moving average price is $5.46. The firm has a market capitalization of $754.42 million, a PE ratio of -12.19 and a beta of -1.12.

Wave Life Sciences (NASDAQ:WVE) last issued its earnings results on Thursday, May 9th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The firm had revenue of $12.54 million during the quarter, compared to the consensus estimate of $25.67 million. During the same period in the prior year, the company earned ($0.27) EPS. On average, equities research analysts anticipate that Wave Life Sciences Ltd. will post -0.85 EPS for the current year.

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.