RA Capital Healthcare Fund LP 4
4 · Wave Life Sciences Ltd. · Filed Mar 30, 2026
Research Summary
AI-generated summary of this filing
Wave Life Sciences (WVE) 10% Owner RA Capital Buys $54.6M Stock
What Happened
- RA Capital Management, L.P. (a reported 10% owner) purchased a total of 8,772,496 shares of Wave Life Sciences (WVE) in a series of open‑market buys between March 26 and March 30, 2026. The four reported purchases were: 4,954,558 shares @ $6.06 (≈ $30.02M), 351,224 shares @ $6.38 (≈ $2.24M), 2,495,623 shares @ $6.43 (≈ $16.05M), and 971,091 shares @ $6.50 (≈ $6.31M), for an aggregate cost of about $54.62M. These are purchases (generally viewed as a bullish signal vs. sales, though no motivation is stated).
Key Details
- Transaction dates and reported prices:
- 2026-03-26: 4,954,558 @ $6.06 (weighted avg; filing notes purchases in this lot ranged ~$5.365–$6.36)
- 2026-03-26: 351,224 @ $6.38 (weighted avg; filing notes a range ≈ $6.365–$6.40)
- 2026-03-27: 2,495,623 @ $6.43 (weighted avg; filing notes a range ≈ $6.09–$6.74)
- 2026-03-30: 971,091 @ $6.50 (weighted avg; filing notes a range ≈ $6.305–$6.665)
- Total purchased: 8,772,496 shares for ~$54,624,378.
- Shares owned after transaction: Not specified in the filing; the reporting entity is identified as a 10% owner (institutional fund).
- Notable footnotes:
- Prices are reported as weighted averages; the filing provides price ranges and offers to provide per‑trade detail on request.
- RA Capital acts as adviser to the RA Capital Healthcare Fund (the Fund) and the shares are held directly by the Fund. The adviser, adviser GP, and certain individuals disclaim beneficial ownership except to the extent of pecuniary interest.
- Dr. Peter Kolchinsky is a managing partner of the adviser and serves on Wave’s board; separate footnotes reference previously reported RSUs held/settled for the Fund.
- Filing timeliness: Form filed 2026-03-30 covering trades through 2026-03-30 — no late‑filing flag indicated in the provided data.
Context
- These trades were made by an institutional 10% owner (RA Capital / the Fund), not an individual executive selling stock. Institutional purchases can be informative because they reflect allocation decisions by a fund manager, but filings do not state motive.
- The filing contains weighted average prices and ranges for multiple executions; the reporting persons offer to provide per‑trade price details upon request.
Insider Transaction Report
Form 4
RA CAPITAL MANAGEMENT, L.P.
Director10% Owner
Transactions
- Purchase
Ordinary Shares
[F1][F2][F3]2026-03-26$6.06/sh+4,954,558$30,024,621→ 23,157,567 total(indirect: See footnotes) - Purchase
Ordinary Shares
[F4][F2][F3]2026-03-26$6.38/sh+351,224$2,240,809→ 23,508,791 total(indirect: See footnotes) - Purchase
Ordinary Shares
[F5][F2][F3]2026-03-27$6.43/sh+2,495,623$16,046,856→ 26,004,414 total(indirect: See footnotes) - Purchase
Ordinary Shares
[F6][F2][F3]2026-03-30$6.50/sh+971,091$6,312,092→ 26,975,505 total(indirect: See footnotes)
Holdings
- 28,815(indirect: See footnotes)
Ordinary Shares
[F7][F8]
Footnotes (8)
- [F1]The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.365 to $6.36 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
- [F2]RA Capital Management, L.P. (the "Adviser") is the investment manager for RA Capital Healthcare Fund, L.P. (the "Fund"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. Each of the Adviser, the Adviser GP, the Fund, Dr. Kolchinsky and Mr. Shah disclaims beneficial ownership of any of the reported securities, except to the extent of its or his respective pecuniary interest therein.
- [F3]Held directly by the Fund.
- [F4]The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.365 to $6.40 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
- [F5]The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.09 to $6.74 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
- [F6]The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.305 to $6.665 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
- [F7]Represents previously reported restricted stock unit awards ("RSUs") granted to Dr. Kolchinsky and shares received by Dr. Kolchinsky upon settlement of RSUs.
- [F8]Dr. Kolchinsky is a Managing Partner of the Adviser who serves on the Issuer's board of directors. Under Dr. Kolchinsky's arrangement with the Adviser, Dr. Kolchinsky holds the RSUs and shares for the benefit of the Fund. Dr. Kolchinsky is obligated to turn over to the Adviser any net cash or shares received upon settlement of the RSUs, which will offset advisory fees owed by the Fund to the Adviser.