Wave Life may not be competitive against GLP-1s, says JonesResearch

JonesResearch says Wave announced Wave Life Sciences (WVE) additional interim data for WVE-007 for obesity, with a single 240mg dose at six months reducing visceral fat by 14.3%. There were directional improvements in total fat mass, waist circumference, and body weight, the analyst tells investors in a research note. Jones attributes the stock’s selloff this morning to the low total weight loss at six months, 0.9% versus hopes for 2% or 3%, and lack of dose response between 240mg and 400mg. The firm believes that while WVE-007 may not be competitive to GLP-1s in the general population, there is still a chance for utility in elderly or patients with metabolic disease. JonesResearch has a Buy rating on Wave Life with a $35 price target The stock in premarket trading is down 54%, or $6.70, to $5.60.