Oct. 27 at 11:54 AM
Cantor reit'd
$WVE Overweight/
$12
$ARWR $LLY $VKTX GPCR NVO
Cantor Fitzgerald said:
Not appreciated by the Street, in our view, is the headline *opportunity* (as opposed to headline *risk*) for Wave to use its body composition data to first-and-foremost highlight and emphasize the fat mass loss in INLIGHT (which could be double digits, i.e., >10% at 3-6 months).
This is an important catalyst for Wave given:
1) WVE-007 is wholly owned,
2) this is first-in-human data for WVE-007 and potentially INHBE as a target all together, pending timing of ARWR's (OW; covered by P. Agrawal)
contemporaneous INHBEsiRNA obesity study (see here),
3) obesity landscape is currently receptive to new MoAs and product profiles (see excitement for orforglipron/orals) - WVE-007 is in this category with potentially Q6M/Q12M injection.
INHBE is an intricate target. If it works (i.e., patients lose weight), it won't be through satiety like incretins, but rather through lipolysis, visceral fat loss, and fat redistribution.
