WVE: WVE-006 ATS Update: Protective Lvls of AAT Are Notable, We're Constructive into FDA Mtg

Research evidence excerpt

WVE: WVE-006 ATS Update: Protective Lvls of AAT Are Notable, We're Constructive into FDA Mtg

Equity Research

Price Target Change — May 19, 2026

Biotechnology

Wave Life Sciences Ltd.

WVE-006 ATS Update: Protective Lvls of AAT Are Notable, Overweight

We're Constructive into FDA Mtg Price Target: $14.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

The WVE-007 (AATD) update included 600mg SAD data, which looked better than Price Target $14.00 $13.00 7.7%

low/mid doses on M/Z-AAT (% of total) & seems protective (3 acute phase responses).

However, the efficacy is lower than BEAM-302. Moving PoS up to 33%; PT to $14 (from Ticker WVE

$13). Upside/(Downside) to Target 118.8%

Price (05/18/2026) $6.40

Stock setup. Of late, we think the narrative has been influenced by: competitive data, the 52 Week Range $5.02 - 21.73

validity of the 11uM threshold, and potential for a dose response. The 600mg SAD look Market Cap (MM) $1,281

better on both Z & M, thus we think 600mg MAD could push efficacy further. How much

Enterprise Value (MM) $1,562

is enough? We're incrementally more pos, as pts are getting to 11uM+ and this seems

responsive to inflammatory events. We think the FDA will resonate w/ this, and notably Average Daily Value (MM) $29

they’ve already conveyed support for AAT as a biomarker. Dividend Yield 0.0%

Efficacy Takes $ (Dec) Q1 Q2 Q3 Q4 FY

EPS

Positive: 2026E (0.13) A (0.32) E (0.33) E (0.36) E (1.14) E

• Dose dependent Z-AAT reduction (SAD) & deepens w/ repeat dosing 2027E (0.34) E (0.37) E (0.35) E (0.33) E (1.40) E

Source: Company Data, Wells Fargo Securities estimates, and Factset.• Positive dose response (SAD) on mean max M-AAT (% of AAT) NA = Not Available, NC = No Change, NE = No Estimate

• AAT production increased during acute-phase responses to inflammation