Promising Potential of Wave Life Sciences' WVE-007: A Differentiated Approach in Obesity Treatment with Durable EfficacyValuations and Risks. Our price target of $22 is based on an equally weighted composite of: (a) $24/share, as a 25x multiple of taxed and diluted FY34 GAAP EPS of $2.4 discounted back to and (b) an NPV of $20/share (discount rate 11%, growth rate 2%). Risks to our investment thesis and target price include: (1) failure of in clinical studies; (2) failure of to secure regulatory approval; and (3) failure of to achieve peak commercial revenue estimates in our model due to market size, penetration size, and/or pricing.