Canaccord Genuity raised its price target on WAVE Life Sciences (WVE) to $43.00 from $40.00 and maintained a Buy rating, citing the company’s recovery of full global rights to WVE-006 from GlaxoSmithKline. WAVE shares were trading around $13.43 at the time the analyst action was reported, and sell-side targets for the stock span from $22 to $50.
The price-target increase followed WAVE’s announcement that GSK returned rights to WVE-006, the company’s investigational RNA editing therapy for alpha-1 antitrypsin deficiency, or AATD. Canaccord said the decision by GSK reflected a strategic emphasis on therapies for larger, more prevalent diseases, while WAVE intends to focus development of WVE-006 on rarer indications.
WAVE plans to advance the program rapidly along a potential accelerated approval pathway, modeled on the approach taken by BEAM with BEAM-302. The company expects to engage with the U.S. Food and Drug Administration to discuss accelerated approval using AAT biomarkers as the basis for regulatory decisions. WAVE anticipates receiving feedback from regulators by mid-2026.
Canaccord emphasized that GSK’s return of the asset was not prompted by any specific clinical data package. GSK has not yet seen results from WAVE’s next cohort, the 400 mg multiple ascending dose cohort, which Canaccord said remains on track for completion in the current quarter.
In its updated model, Canaccord increased royalty assumptions and has shifted to giving WAVE full credit for potential future revenue tied to WVE-006. Previously, the analyst assumed royalty payments in the high-teens; the revised view assigns WAVE 100% of future revenue potential, a change that contributed to the higher price target.
Market returns over recent months have been notable. Data show WAVE posted a six-month gain of approximately 55.62%, though the company remains unprofitable and carries a reported beta of -1.82, implying the stock has tended to move counter to broader market trends. Current analysis indicates the shares are trading above their assessed fair value, according to available research notes.
Other firms on the tape have reacted positively to the rights reversion. H.C. Wainwright reaffirmed a Buy rating with a $30 price target, Raymond James kept an Outperform rating with a $26 target, and Clear Street increased its price target from $47 to $50, each citing the regained rights as supportive of WAVE’s strategic position. Following these updates, WAVE’s stock rose about 2.1%.
WAVE has said it will accelerate its registrational strategy for WVE-006, targeting an estimated population of roughly 200,000 individuals in the U.S. and Europe living with homozygous "ZZ" AATD. The decision to make WVE-006 a wholly owned program is part of a broader restructuring of the company’s lead asset portfolio to prioritize efficient advancement of the therapy for this rare genetic condition.
Context and next steps
WAVE’s near-term regulatory timeline centers on engagement with the FDA around biomarker-driven accelerated approval and the completion and data readout of the 400 mg MAD cohort. Analysts and investors will be watching for regulatory feedback by mid-2026 and for continued progress on the ongoing clinical cohort this quarter.