WAVE Life Sciences (WVE) PT Raised to $19 at B.Riley

B.Riley analyst Madison El-Saadi raised the price target on WAVE Life Sciences (NASDAQ: WVE) to $19.00 (from $11.00) while maintaining a Buy rating.

The analyst commented: "In a follow-up to compelling WVE-N531 data disclosure last week, we're raising our PT from $11 to $19 to reflect our increased conviction in WVE's wholly-owned DMD franchise to rapidly yield multiple competitive exon skippers that could deliver functional skeletal and cardiac benefit, secondary to myogenic stem cell penetration, resulting in significant market share gains long-term. Recall that Part-B data from the Ph. I/II FORWARD-53 trial came ahead of investors' expectations, achieving 5.5%/9% unadjusted/adjusted dystrophin levels, an unprecedented 89% response rate (dystrophin >5%), and reinforced evidence of myogenic stem cell penetration. We note that cardiac decline is the greatest unmet need in DMD and expect increased investor attention to now focus on N531's ability to demonstrate functional clinical benefits at the 48-week efficacy assessment. N531 preclinical data previously suggested 26x greater penetration in cardiac cells vs skeletal muscle cells, and human biopsies confirmed N531 penetrates myogenic stem cells. Greater efficacy in cardiac muscle vs. skeletal is not trivial — if skeletal muscle function is much greater than cardiac, increased cardiac demand secondary to improved muscle function could prove detrimental."

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