Cinctive Capital Management LP Has $2.92 Million Stake in Wave Life Sciences Ltd. (NASDAQ:WVE)

Cinctive Capital Management LP lifted its stake in shares of Wave Life Sciences Ltd. (NASDAQ:WVE - Free Report) by 255.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 356,308 shares of the company's stock after acquiring an additional 256,146 shares during the period. Cinctive Capital Management LP owned approximately 0.29% of Wave Life Sciences worth $2,922,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in WVE. Maverick Capital Ltd. grew its position in Wave Life Sciences by 31.0% in the third quarter. Maverick Capital Ltd. now owns 10,047,520 shares of the company's stock valued at $82,390,000 after purchasing an additional 2,378,159 shares in the last quarter. Emerald Advisers LLC grew its holdings in shares of Wave Life Sciences by 15.6% in the 3rd quarter. Emerald Advisers LLC now owns 2,881,510 shares of the company's stock valued at $23,628,000 after acquiring an additional 388,280 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its position in shares of Wave Life Sciences by 16.6% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 2,123,466 shares of the company's stock valued at $17,412,000 after acquiring an additional 302,528 shares during the last quarter. Vanguard Group Inc. raised its holdings in Wave Life Sciences by 39.7% during the first quarter. Vanguard Group Inc. now owns 1,834,090 shares of the company's stock worth $11,316,000 after acquiring an additional 521,665 shares in the last quarter. Finally, Millennium Management LLC boosted its position in Wave Life Sciences by 1.8% during the second quarter. Millennium Management LLC now owns 1,664,300 shares of the company's stock valued at $8,305,000 after purchasing an additional 28,690 shares during the last quarter. Institutional investors own 89.73% of the company's stock.

Wave Life Sciences Price Performance

WVE traded down $1.04 during trading on Tuesday, hitting $14.23. The stock had a trading volume of 539,143 shares, compared to its average volume of 1,110,821. Wave Life Sciences Ltd. has a one year low of $3.50 and a one year high of $16.74. The company has a 50 day moving average price of $12.69 and a 200-day moving average price of $8.23. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -12.93 and a beta of -1.21.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WVE shares. Truist Financial boosted their price target on Wave Life Sciences from $17.00 to $36.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. B. Riley upped their price target on shares of Wave Life Sciences from $19.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Mizuho lifted their price objective 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. Royal Bank of Canada upped their target price on shares of Wave Life Sciences from $7.00 to $15.00 and gave the company a "sector perform" rating in a report on Monday, October 21st. Finally, HC Wainwright reiterated a "buy" rating and set a $22.00 price target on shares of Wave Life Sciences in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.22.

Insider Activity

In other news, major shareholder Plc Gsk bought 2,791,930 shares of the company's stock in a transaction dated Friday, September 27th. The stock was bought at an average cost of $8.00 per share, for a total transaction of $22,335,440.00. Following the transaction, the insider now owns 16,775,691 shares of the company's stock, valued at $134,205,528. This represents a 19.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Francis sold 208,836 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $13.67, for a total transaction of $2,854,788.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 453,690 shares of company stock worth $6,425,883. Corporate insiders own 29.10% of the company's stock.

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.