Analyst Joseph Schwartz of Leerink Partners reiterated a Buy rating on Wave Life Sciences, retaining the price target of $24.00.
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Joseph Schwartz has given his Buy rating due to a combination of factors surrounding Wave Life Sciences’ promising developments in RNA editing, particularly in their treatment for alpha-1-antitrypsin deficiency (AATD). The initial human data for their WVE-006 compound showed encouraging results, with patients reaching significant levels of AAT protein after a single low dose. This breakthrough not only marks a milestone for Wave Life Sciences but also sets a precedent in the broader field of RNA editing.
Schwartz anticipates further positive outcomes from upcoming data readouts, expecting a dose-dependent increase in efficacy as the dosage is increased. The potential to surpass the established 11 µM threshold for AAT protein, and even approach normal healthy levels, could significantly boost the stock’s value. The projected stock movement on these developments is estimated at a potential increase of 70% or a decrease of 30%, reinforcing the optimistic outlook and the reiterated price target of $24 with an Outperform rating.
According to TipRanks, Schwartz is a 5-star analyst with an average return of 10.7% and a 40.56% success rate. Schwartz covers the Healthcare sector, focusing on stocks such as uniQure, KalVista Pharmaceuticals, and Insmed.
In another report released on June 27, Wells Fargo also maintained a Buy rating on the stock with a $24.00 price target.