RA Capital Healthcare Fund LP 4

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.