JonesResearch raised the firm’s price target on Wave Life Sciences (WVE) to $20 from $16 and keeps a Buy rating on the shares after the company reported initial proof-of-mechanism for its lead RNA editing candidate, WVE-006. “In an impressive win,” Wave saw proof of RNA editing in the first two patients to reach the 57-day mark, the analyst tells investors in a research note. Jones points out shares of Korro Bio (KRRO) and ProQR Therapeutics (PRQR) are up in sympathy with Wave’s readout. The firm sees this as a positive readout for Wave, demonstrating “definitive proof-of-mechanism after just a single dose.” Jones increased its probability of sucess for WVE-006 in alpha-1 antitrypsin deficiency to 35% from 15%, and increasing penetration to 25% from 15%.
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