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B. Riley ‘aggressive’ buyer of Wave Life on ‘material disconnect’

B. Riley reiterates a Buy rating on Wave Life Sciences (WVE) with a $19 price target after the company announced RestorAATion-2 data. The data were positive and demonstrated first-ever therapeutic restoration of acute phase response in homozygous for the Z mutation alpha-1antitrypsin deficiency patients, the analyst tells investors in a research note. Riley believes the disclosure de-risks both WVE-006 and Wave Life’s next RNA-editing candidate. It thinks RNA editing may be a safer alternative to gene editing, and sees a “material disconnect” between Wave Life’s current valuation and its multi-asset probability-weighted commercial opportunity. The firm remains an “aggressive” buyer of the stock.

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