Wave Life Sciences price target lowered to $18 from $28 at Jefferies

Jefferies lowered the firm’s price target on Wave Life Sciences (WVE) to $18 from $28 and keeps a Buy rating on the shares. The negative stock reaction following the company’s six-month INLIGHT data was not surprising given the update did not meet Street expectations, the analyst tells investors in a research note. The firm noted that, from here, it sees limited value from INHBE/obesity in the stock and will look to Phase 2a data to re-assess opportunity.