AATD Update Supports WVE-006's Competitive Profile

研报英文原文证据摘录

AATD Update Supports WVE-006's Competitive Profile

Quick Note

May 19, 2026 Wave Life Sciences Ltd. (WVE)

Rating: AATD Update Supports WVE-006's Competitive ProfileOUTPERFORM

Price:

$6.40 The update that WVE provided from the RestorAATion-2 study of WVE-006 at

12-Month Price Target: ATS2026 was in line with what we had projected based on a presumed exposure

$15.00 dependent increase in editing efficiency (Fig. 1) (note). Therefore, we believe that

the new data, from the 400mg multidose cohort and 600mg single dose cohort,

indeed continue to demonstrate good consistency. Importantly, WVE reported

Analysts additional evidence that supports the restoration of the endogenous regulation

Yun Zhong, Ph.D. of AAT protein production by WVE-006, including 1) two additional cases of an

(917) 608-0166 acute phase response (to mild upper respiratory infection due to common cold)yun.zhong@wedbush.com

leading to a significant increase in AAT level (57.8% and 59.8% vs. pre-event), and

2) a significant correlation between C-reactive protein (CRP) increases and AAT

increases across all available RestorAATion-2 data to date (r=0.73, p<0.001, n=19).

Overall, we see WVE-006 as having a competitive profile with strong efficacy and

safety, and a convenient dosing regimen with monthly subcutaneous injections.

WVE-006 Restores Physiological Regulation of AAT Production Across Different

Inflammation Levels. Compared to the previous case from the 200mg single dose

cohort, where the total AAT increased to 20.6µM after the acute phase response,

the two new cases from the 400mg multidose cohort had slightly lower peak AAT

levels at approximately 16µM, according to management. We would agree with

management that the new cases likely represent minor inflammatory events. The