Wave Life Sciences (WVE): Raising PT - Leerink
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Leerink Partners analyst, Michael Schmidt, reiterated his Outperform rating on shares of WAVE Life Sciences (NASDAQ: WVE) after updating his model to reflect 2Q16 financial results. The company's differentiated antisense oligonucleotide pipeline remains on track with 2 IND filings expected for lead programs in Huntington’s disease (HD) expected later this year and Duchenne muscular dystrophy (DMD) in 2017 management reiterated its goal to have 6 programs in the clinic by 2018. A collaboration with PFE announced in May provides external validation for WVE's technology and WVE continues to evaluate other partnering arrangements as part of the company’s business strategy. Recent Phase III success of IONS' (MP) nusinersen provides clinical validation of the exon-skipping concept in our view, incrementally de-risking some of WVE's product candidates which are based on the same concept.
The PT increases to $28 (from $20) reflecting a higher probability-of-success of 15% (up from 10%) for WVE's programs in Huntington's disease (HD) and duchenne muscular dystrophy (DMD), and a decreased discount rate of 18% (from 20%) to reflect platform validation from PFE.
Shares of WAVE Life Sciences closed at $20.57 yesterday.
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