Wave Life Sciences assumed with an Outperform at Raymond James

Raymond James assumed coverage of Wave Life Sciences (WVE) with an Outperform rating and $14 price target as part of a broader research note on selection Biotech names. Risk/reward skews favorably across the sector, though while companies with high PoS – probability of success – lead assets allow for higher conviction, highly attractive skews on less de-risked assets may deliver the most outsized returns, the analyst tells investors in a research note. For the company, the firm is positive on the risk-reward opportunity ahead of second-half catalysts for its two most important clinical-stage programs – WVE-007 in obesity, which features a novel mechanism with differentiating qualities, and WVE-006 in AATD, with second half updates that will include larger cohorts at repeat and higher doses, Raymond James added.