Aug. 21 at 3:41 PM
Canaccord Genuity y'day reit'd
$WVE Buy/
$19:
$WVE plans to report updated Ph1/2 WVE-006 [
$GSK ] data from the completed SAD and MAD 200mg cohorts this Q - we think sometime in the coming weeks (followed by 400mg SAD data "in the fall" per the co).
As a reminder, SAD data from the first two patients dosed was shared in Oct 2024, showing an increase in both M-AAT (6.9uM) and total AAT (10.8uM).
We're expecting positive data from the MAD cohort, given co commentary around greater liver exposure and higher liver concentration of WVE-006 with the multidose.
We like the risk/reward in this update and expect ~30%+ upside on good news (for reference, shares were up ~74% from ~
$9 to ~
$15 on the Oct 2024 update) vs. transient ~10% downside on a disappointing update.
Downside protection comes from more AATD data expected in the fall as noted above, as well as data from the (wholly owned, higher TAM) WVE-007 in the obesity program coming later in the year. Reiterate BUY.
$ALNY $QURE PTCT
LLY NVO
$VKTX