AATD Update At ATS Could Show A Consistent Pattern Vs. Prior Data

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AATD Update At ATS Could Show A Consistent Pattern Vs. Prior Data

Quick Note

May 15, 2026 Wave Life Sciences Ltd. (WVE)

Rating: AATD Update At ATS Could Show A Consistent Pattern Vs.OUTPERFORM Prior DataPrice:

$6.90

12-Month Price Target: WVE expects to report 400mg repeat dose cohort and 600mg single dose cohort

$15.00 data from the RestorAATion-2 study of WVE-006 during a late breaking oral session

at ATS2026, and the company will host an investor webcast at 5:30PM ET on

Monday, May 18. Recall the most recent update that WVE provided in Sept.

Analysts '25, from 200mg repeat dose and 400mg single dose cohorts, demonstrated 1)

Yun Zhong, Ph.D. good durability, with both M-AAT increases and Z-AAT reductions well sustained(917) 608-0166

yun.zhong@wedbush.com for at least four weeks, thereby supporting a monthly or even less frequent

dosing regimen, 2) good inter-patient consistency, and 3) an exposure-dependent

increase in editing efficiency. However, there did not appear to be an evident dose-

dependency in editing efficiency between 200mg single dose and 400mg single

dose, and the editing efficiency at 400mg repeat dose was still lower than what

DNA editing has been able to achieve, although the mean total AAT level from all

dosing regimens - 200mg single and repeat dose, and 400mg single dose - had

exceeded the 11µM threshold that is believed to provide sufficient protection for

the lung from damage and has been the clinically acceptable level for FDA approvals

of augmentation therapies. The 30% drop in stock price on the Sept. '25 update

reflected investors' disappointment, so we believe that the expectation on the ATS

update likely remains low. Based on the patterns between data from the 200mg

single dose and 200mg repeat dose, and between data from the 200mg single