Wave Life Sciences price target lowered to $39 from $50 at Clear Street

Clear Street lowered the firm’s price target on Wave Life Sciences (WVE) to $39 from $50 but keeps a Buy rating on the shares. The stock is down after reporting follow-up data from WVE-007 trial data for the treatment of obesity, the analyst tells investors in a research note. The firm adds however that while the blue-sky scenario of a stunning monotherapy profile across a broad range of BMI and comorbidities now appears less likely, there are several reasons to maintain belief in the program going forward as patients with comorbidities and higher BMIs should be more amenable to showing treatment effect, while the drug’s safety also remains clean, implying potential for GLP-1 combo.