Trading wands back and forth in combat

Long story short, our party (4 members) was in a combat against a couple of magical creatures.

The only thing that we had that could deal damage was a wand of magic missiles (because of previous events of the day).

Only two of our members could use magic items.

They stood next to each other and each turn they used their standard action to use the wand and their move action to give the wand to the other. (they did that for a couple turns)

Is that legal? Is there a cool down for wands or something preventing that exchanging it twice per turn?