Wave Life Sciences price target lowered to $25 from $35 at Leerink

Leerink analyst Joseph Schwartz lowered the firm’s price target on Wave Life Sciences (WVE) to $25 from $35 and keeps an Outperform rating on the shares. The firm still likes the mechanism of inhibin subunit beta E knockdown in obesity and thinks there will ultimately be a path for WVE-007, but Thursday’s readout highlights a lack of investor confidence in Wave Life as much as underwhelming data. Wave Life, however, is clearly driving enough INHBE knockdown to result in meaningful fat reductions and weight loss eventually, the analyst tells investors in a research note.