Principal Financial Group Inc. Takes Position in Wave Life Sciences Ltd. (NASDAQ:WVE)

Principal Financial Group Inc. bought a new position in shares of Wave Life Sciences Ltd. (NASDAQ:WVE) in the second quarter, HoldingsChannel reports. The firm bought 14,766 shares of the company’s stock, valued at approximately $74,000.

Several other institutional investors also recently bought and sold shares of WVE. Ameritas Investment Partners Inc. raised its holdings in shares of Wave Life Sciences by 50.2% during the 1st 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. Oxford Asset Management LLP bought a new stake in Wave Life Sciences in the fourth quarter worth $51,000. Teacher Retirement System of Texas purchased a new stake in Wave Life Sciences during the fourth quarter valued at $86,000. ProShare Advisors LLC lifted its position in Wave Life Sciences by 35.0% during the first 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. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Wave Life Sciences by 104.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 23,473 shares of the company’s stock worth $145,000 after buying an additional 12,017 shares in the last quarter. 89.73% of the stock is owned by hedge funds and other institutional investors.

Wave Life Sciences Stock Performance

Shares of WVE stock opened at $5.98 on Tuesday. The stock has a 50 day moving average price of $5.83 and a 200 day moving average price of $5.79. The firm has a market capitalization of $745.95 million, a P/E ratio of -11.50 and a beta of -1.13. Wave Life Sciences Ltd. has a 52-week low of $3.50 and a 52-week high of $7.67.

Wave Life Sciences (NASDAQ:WVE) last released its 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 the consensus estimate 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 last year, the business posted ($0.20) earnings per share. As a group, sell-side analysts forecast that Wave Life Sciences Ltd. will post -1.04 EPS for the current year.

Insider Buying and Selling at Wave Life Sciences

In related news, CEO Paul Bolno sold 48,366 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $5.78, for a total value of $279,555.48. Following the completion of the sale, the chief executive officer now owns 359,059 shares in the company, valued at $2,075,361.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

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.