Wave Life continues surge after DMD drug data impresses

Wave Life Sciences

25/09/2024 17:53

** Shares of Wave Life Sciences  WVE.O  up 16.8% to $9.57 on
Weds to highest levels since Feb 2021, adding to big gain in
previous session
        ** WVE ended up ~53% on Tues after co said its drug to
treat some patients with Duchenne muscular dystrophy (DMD) was
safe and well-tolerated, according to interim data from
mid-stage study
    ** Co said the drug, WVE-N531, also showed average absolute
unadjusted dystrophin production of 5.5% of normal levels
        ** Raymond James, which rates WVE "outperform", raises
PT by $2 to $13
  
    ** This dystrophin expression compares favorably to the
approved golodirsen (~1%) and viltolarsen’s (~5.9% unadjusted)
that had similar ~$120-130 mln sales in 2023, Raymond James says
    ** Leerink Partners in Tues afternoon note reiterated
"outperform", raised its PT by $4 to $20
    ** Data update further validates and de-risks the platform,
Leerink analysts said
    ** After the bell Tues, WVE commenced $175 mln equity
offering consisting of stock and pre-funded warrants with JP
Morgan and Leerink as jt bookrunners
    ** Co has ~124.7 mln shares outstanding for ~$1.2 bln market
cap and ~104.3 mln shares of public float, per LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))