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WVE

Wave Life Sciences

$16.79

-20.76 (-55.29%)

08:30
12/17/19
12/17
08:30
12/17/19
08:30

Wave Life Sciences price target lowered to $25 from $43 at Guggenheim

Guggenheim analyst Whitney Ijam said yesterday's news that Wave Life Sciences is discontinuing development of suvodirsen and suspending further development of WVE-N531 targeting exon 53 after not observing improvement over baseline at both doses in biopsy and CK was disappointing, but she also notes that the company's Huntington's disease, or HD, programs are different in mechanism, chemical modifications, tissue targeting, and delivery. She lowered her price target on Wave shares to $25 from $43 as she removed DMD from her estimates, but keeps a Buy rating on the stock as her assumptions around HD are unchanged.

WVE Wave Life Sciences
$16.79

-20.76 (-55.29%)

11/01/19
GUGG
11/01/19
INITIATION
Target $43
GUGG
Buy
Wave Life Sciences initiated with a Buy at Guggenheim
Guggenheim analyst Whitney Ijam initiated coverage of Wave Life Sciences with a Buy rating and $43 price target.
11/01/19
11/01/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Digi International (DGII) initiated with an Outperform at Baird. 2. Wave Life Sciences (WVE) initiated with a Buy at Guggenheim. 3. PPG (PPG) resumed with an Equal Weight at Morgan Stanley. 4. Homology Medicines (FIXX) initiated with a Perform at Oppenheimer. 5. Sarepta (SRPT) initiated with a Buy at Guggenheim. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/16/19
BARD
12/16/19
NO CHANGE
Target $181
BARD
Outperform
Wave Life failure removes 'modest overhang' on Sarepta, says Baird
Sarepta Therapeutics (SRPT) competitor Wave Life Sciences (WVE) this morning announced that interim results from its ongoing Phase 1 open-label extension study of suvodirsen did not show an increase in dystrophin expression, Baird analyst Brian Skorney tells investors in a research note. Although not surprising given the failure of parent drisapersen, the elimination of Wave as a competitive threat to Sarepta's phosphorodiamidate morpholino oligomer franchise "lifts a modest overhang" on the shares, according to Skorney. However, the analyst expects the news to have a fairly minor impact on Sarepta shares, noting that Sarepta primarily trades on the prospects of its Duchenne muscular dystrophy gene therapy, SRP-9001. He has an Outperform rating on Sarepta with a $181 price target. The stock in early trading is up 1% to $133.63. Wave Life Sciences is down 49% to $19.25.
12/16/19
PIPR
12/16/19
NO CHANGE
Target $210
PIPR
Overweight
Sarepta's DMD franchise unlikely to be disrupted soon, says Piper Jaffray
Piper Jaffray analyst Danielle Brill says she sees positive read-through to Sarepta (SRPT) on Monday following the announcement of the discontinuation of the Wave Life Sciences (WVE) exon-51 and exon-53 DMD programs. Though her expectations for Wave's suvodirsen demonstrating superior efficacy to Sarepta's Exondys51 were low, Brill says she was not anticipating a complete lack of clinical benefit or the discontinuation of both exon-skipping DMD programs, adding that with yet another program failure, she thinks Sarepta's exon-skipping franchise is unlikely to be disrupted anytime soon, especially if initial data with its next generation PPMO technology are positive next year. She reiterates an Overweight rating and $210 price target on Sarepta shares.

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