Wave Life Sciences (WVE.O): 2Q26 Recap & Model Update: Steady Clinical Development Progress for Lead Programs in Obesity & AATD; TP to $19/shr

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Wave Life Sciences (WVE.O): 2Q26 Recap & Model Update: Steady Clinical Development Progress for Lead Programs in Obesity & AATD; TP to $19/shr

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30 Jul 2026 22:24:35 ET │ 15 pages

Wave Life Sciences (WVE.O)

2Q26 Recap & Model Update: Steady Clinical Development Progress

for Lead Programs in Obesity & AATD; TP to $19/shr

CITI'S TAKE

Wave has initiated dosing in the Ph2a portion of the INLIGHT trial for WVE- Buy / High Risk

007, remains on track to initiate combination and post-GLP-1 maintenance

studies in 2H26, and secured an FDA meeting at the end of summer to Short-Term View: Upside

discuss a potential AA pathway for WVE-006 in AATD. Importantly, Price (30 Jul 26 16:00) US$5.76

management emphasized that PH2a INLIGHT is designed to not only assess Target price US$19.00↓obesity efficacy, but also to identify the most attractive development path

for WVE-007, including possibly MASH, T2D and other cardiometabolic from US$24.00

diseases. We continue to believe differentiation will depend on whether Expected share price return 229.9%

WVE-007 can achieve measurable weight loss benefits in a more obese

Expected dividend yield 0.0%population and demonstrate clinically meaningful improvements in liver fat

and/or metabolic biomarkers. For WVE-006, the upcoming FDA meeting Expected total return 229.9%

remains a major regulatory catalyst that could clarify development timelines Market Cap US$1,108M

and the commercial opportunity in AATD.

Ph2a INLIGHT trial designed to identify optimal developmental path forward —

Beyond evaluating weight loss in a more representative obesity population (BMI 35- Price Performance

50 kg/m2), Wave is collecting an extensive set of assessments to determine where

(RIC: WVE.O, BB: WVE US)WVE-007 could be most differentiated.