Wave Life Sciences price target lowered to $13 from $18 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Wave Life Sciences (WVE) to $13 from $18 and keeps a Buy rating on the shares. WVE-006’s readout at the American Thoracic Society Conference validated RNA editing as a modality but fell short with respect to the landscape, the analyst tells investors in a research note. The firm says Sanofi’s concurrent Phase 2 data raise the commercial bar, and BEAM-302 retains a 12-18 month regulatory lead. H.C. Wainwright believes WVE-006 “delivered an underwhelming readout.”