Jones Trading analyst Catherine Novack initiates coverage on WAVE Life Sciences (NASDAQ: WVE) with a Buy rating and a price target of $12.00.

The analyst comments "We are initiating coverage of Wave Life Sciences with a BUY rating and $12 price target. WVE's portfolio contains diverse assets that give investors exposure to multiple therapeutic areas while maintaining a core competency in RNA medicine. Wave's PRISM platform is a key differentiator from other RNA companies, combining unique RNA chemistry and synthetic methods to optimize PK properties. Key upcoming inflection points are pivotal DMD data in 3Q24 and AATD proof-of-mechanism data by YE24. Preclinical metabolic program takes a novel approach to obesity (siRNA targeting INHBE) and is set to enter the clinic in 1Q25. Finally, we expect the research collab with GSK (Not Rated) will continue to generate new pipeline candidates that can drive value for the stock going forward. Initiate BUY and $12 PT."

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Shares of WAVE Life Sciences closed at $5.98 yesterday.