Wave Life Sciences: AATD update bolsters outlook, but leaves questions on dosimetry, approval path

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Wave Life Sciences: AATD update bolsters outlook, but leaves questions on dosimetry, approval path

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Wave Life Sciences

AATD update bolsters outlook, but leaves

questions on dosimetry, approval path

Maintain Rating: BUY | PO: 19.00 USD | Price: 6.40 USD

WVE-006 clears functional bar, regulatory alignment next 19 May 2026

We view the RestorAATion-2 update as an incremental positive for Wave, with WVE-006 Equity

showing sustained total AAT benefit above the 11 µM threshold, strong Z-AAT reduction,

Alec W. Stranahan

initial durability, and good tolerability through dose escalation. That said, we see key Research Analyst

debates on whether total AAT levels or functional M-AAT matter most for competitive BofAS +1 646 743 2109

differentiation and regulatory approval (see our AATD data preview) as still unaddressed. alec.stranahan@bofa.com

While WVE-007 remains the larger upside lever in our view pending higher-BMI phase 2a Matthew Guggenbiller

data, today’s update increases confidence that Wave’s RNA editing platform can ResearchBofAS Analyst

generate clinically meaningful and potentially registrational biomarker profiles (see our +1 646 855 5170

initiation report). We maintain our Buy rating and $19 PO. matthew.guggenbiller@bofa.com

MZ-like phenotype supports lung and liver benefits

WVE-006 generated a MZ-like phenotype with 200 mg biweekly dosing, including 11.9 Stock Data

µM total AAT, wild-type M-AAT comprising 64% of total AAT, and 71% reduction in

Price 6.40 USD

harmful Z-AAT. Importantly, these effects were consistent with a 400 mg monthly

Price Objective 19.00 USD

regimen, including 13.6 µM total AAT, which supports a more convenient chronic dosing

Date Established 28-Apr-2026

profile versus weekly IV augmentation.