WAVE Life Sciences (WVE) surged 13.39% intraday on Tuesday, continuing its upward momentum following promising interim Phase 1 trial results for its investigational obesity therapy, WVE-007.
The data showed a 9.4% reduction in visceral fat, a 4.5% reduction in total body fat, and a 3.2% increase in lean mass at three months, with no meaningful changes in the placebo group. The drug also demonstrated sustained reductions in serum Activin E and was well-tolerated up to 600 mg doses.
Analysts reacted positively, with RBC upgrading the stock to Outperform and raising its target price to $27 from $9, Wells Fargo lifting its target to $29 from $16, and Citigroup boosting its target to $30 from $16. Cantor Fitzgerald and Clear Street maintained their bullish ratings, reflecting growing confidence in WVE-007's commercial potential.
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