Connor Clark & Lunn Investment Management Ltd. Acquires 62,862 Shares of Wave Life Sciences Ltd. (NASDAQ:WVE)

Connor Clark & Lunn Investment Management Ltd. lifted its position in Wave Life Sciences Ltd. (NASDAQ:WVE) by 19.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 387,871 shares of the company’s stock after buying an additional 62,862 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Wave Life Sciences were worth $4,798,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Wave Life Sciences in the fourth quarter worth about $157,000. Arizona State Retirement System lifted its holdings in shares of Wave Life Sciences by 34.2% in the fourth quarter. Arizona State Retirement System now owns 30,769 shares of the company’s stock worth $381,000 after buying an additional 7,846 shares in the last quarter. Aigen Investment Management LP purchased a new stake in shares of Wave Life Sciences in the fourth quarter worth about $270,000. Victory Capital Management Inc. lifted its holdings in shares of Wave Life Sciences by 16.6% in the fourth quarter. Victory Capital Management Inc. now owns 14,546 shares of the company’s stock worth $180,000 after buying an additional 2,073 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Wave Life Sciences by 8.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 914,469 shares of the company’s stock worth $11,312,000 after buying an additional 69,852 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 opened at $10.22 on Monday. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -9.21 and a beta of -1.04. Wave Life Sciences Ltd. has a fifty-two week low of $4.25 and a fifty-two week high of $16.74. The firm has a 50 day moving average price of $11.18 and a 200-day moving average price of $11.44.

Wave Life Sciences (NASDAQ:WVE) last announced its quarterly earnings data on Tuesday, March 4th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.34. The firm had revenue of $83.75 million during the quarter, compared to analyst estimates of $25.60 million. Wave Life Sciences had a negative net margin of 66.50% and a negative return on equity of 280.57%. As a group, equities research analysts predict that Wave Life Sciences Ltd. will post -1.14 earnings per share for the current year.

Insider Transactions at Wave Life Sciences

In related news, CEO Paul Bolno sold 169,025 shares of Wave Life Sciences stock in a transaction on Friday, March 7th. The shares were sold at an average price of $9.57, for a total value of $1,617,569.25. Following the transaction, the chief executive officer now directly owns 338,351 shares of the company’s stock, valued at $3,238,019.07. The trade was a 33.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 29.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Wave Life Sciences from a “sell” rating to a “hold” rating in a report on Saturday, March 8th. Mizuho lifted their target price on shares of Wave Life Sciences from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Jefferies Financial Group started coverage on shares of Wave Life Sciences in a research report on Tuesday, February 25th. They set a “buy” rating and a $26.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $22.00 target price on shares of Wave Life Sciences in a research report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.60.

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.