Wave Life Sciences initiated with an Overweight at Wells Fargo

Wells Fargo analyst Tiago Fauth initiated coverage of Wave Life Sciences with an Overweight rating and $11 price target. The analyst says the company’s lead products address high unmet need with a low bar for approval diseases areas. At the current valuation, success of any asset should be a meaningful upside driver for the shares, the analyst tells investors in a research note. Wells believes Wave Life offers an “interesting mix” of product and technology exposure, with multiple catalysts over the next 12-18 months.