Wave Life Sciences selloff a buying opportunity, says Truist

Truist recommends buying shares of Wave Life Sciences on weakness saying WVE-003 hit on all three criteria the firm set out as the bar for success in Huntington’s disease. WVE-003 reported 46% reduction in mutant huntingtin at week 24, easily clearing the greater than 30% bogey, the analyst tells investors in a research note. Moreover, MRI showed slowing of brain atrophy in the caudate, which correlated with mutant huntingtin reduction and disease progression, adds the firm. It believes the shares are under pressure today mainly due to lingering concerns around fluctuating neurofilament light. However, Truist sees a “preponderance of data in favor of WVE-003” and keeps a Buy rating on the shares with a $17 price target.