Wave’s RNA editor resulted in protein levels that were “exceedingly close” to what investors were expecting, but nevertheless fell short of that bar, according to analysts at Truist Securities.
Wave Life Sciences’ investigational RNA editor WVE-006 boosted levels of a target protein in an early-stage study of alpha-1antitrypsin deficiency—but the magnitude of its benefits left investors underwhelmed.
In a Phase Ib/IIa trial using repeat injections of 200 mg WVE-006—the lower dose the biotech tested, the other being 400 mg—the treatment resulted in 11.9uM of alpha-1 antitrypsin (AAT) protein, which Wave deemed “therapeutically relevant.”
In a Wednesday morning note, however, analysts at Truist Securities said the firm and investors it had consulted were hoping for a total AAT of greater than 12uM.
WVE-006’s results are “exceedingly close” to what investors had hoped for, Truist analysts wrote, adding that the 400-mg dose of the RNA editor “could drive total AAT well into the 13uM+ range based on SAD [single-ascending dose] data.” Wave on Wednesday reported that at 400 mg, a single dose of WVE-006 achieved 12.8 uM total AAT.
Though the trial regimen has ended for patients in the 200 mg dose, Wave continues to treat patients in the 400 mg multidose cohort with a monthly schedule. Data from this cohort are expected in the first quarter of 2026.
Shares of Wave dipped 16.8% at market close on Wednesday, trading at $8.00.
In its own note on Wednesday morning, analysts at William Blair took a broader view of Wave’s findings, writing that these data suggest that “oligonucleotide therapies for RNA editing are an applicable therapeutic modality to human diseases.” Other companies taking a similar approach to Wave, the analysts continued, could benefit from this.
In particular, the William Blair analysts wrote that Wave’s data update could pose a “best-of-both-worlds-scenario” for Korro Bio, which is advancing KRRO-110 for AATD, currently being evaluated in the Phase I/IIa REWRITE trial. “We see room for Korro, with best-in-class preclinical editing data,” the analysts wrote. The biotech was priced at $26.04 at market close on Wednesday, representing a 17% increase day-on-day.
Also benefiting from Wave’s readout is Beam Therapeutics, though its AATD aspirant BEAM-302 is an irreversible RNA editor—as opposed to WVE-006’s reversible mechanism—making it a less direct comparator to Wave’s asset. Still, the biotech jumped 15% on Wednesday and hit $18.76 at market close.
AATD is a genetic disorder stemming from a lack of alpha-1-antitrypsin protein and resulting in liver and lung conditions. Jaundice, cirrhosis, shortness of breath, wheezing as well as chronic obstructive pulmonary disease are common symptoms and related conditions.
