Market News

Wave Life Sciences Soars on GSK Deal

Shares of clinical-stage genetic medicine provider Wave Life Sciences (NASDAQ:WVE) are soaring higher today after the company announced a key collaboration with GSK (NYSE:GSK) with a focus on Oligonucleotide therapeutics.

The four-year collaboration will include Wave’s WVE-006 RNA editing program which targets alpha-1 antitrypsin deficiency. Further, a key component of the collaboration discovery which will enable the advancement of GSK’s eight programs and Wave’s three programs.

Under the agreement, Wave gets $170 million in the combination of an upfront payment and an equity investment. Additionally, the company also stands to make $225 million in development and launch milestones and $300 million in sales milestones.

Analysts currently have a Moderate Buy consensus rating on the stock alongside an average price target of $7. Shares of the company have now soared nearly 112% over the past six months.

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