Analysts Confirm Bullish Outlook on Wave Life (WVE) Over Obesity Treatment

Wave Life Sciences Ltd. (NASDAQ:WVE) is one of the 13 hot stocks to buy with the highest upside potential. On February 5, BofA initiated coverage of Wave Life Sciences Ltd. (NASDAQ:WVE) with a Buy rating and $38 price target. The analyst expects the company’s obesity medication, WVE-007, to become a key value driver, accounting for 56% of the firm’s price target and peaking at greater than $11 billion in sales, likely beating Wall Street estimates.

Meanwhile, on February 3, Canaccord Genuity raised its price target on Wave Life Sciences Ltd. (NASDAQ:WVE) to $43 from $40, while maintaining a Buy rating on the stock. On the same day, H.C. Wainwright reiterated a Buy rating on the company with a price target of $30. The two analysts gave their opinions following the company’s announcement that it has regained full rights to WVE-006 from GSK. According to Canaccord, GSK’s decision to return rights was based on its focus on large-scale diseases, while WAVE can pursue smaller, rarer conditions. According to H.C. Wainwright, this move transforms WVE into a fully integrated commercial entity, positioning the company to operate independently in bringing its treatments to market.

Wave Life Sciences Ltd. (NASDAQ:WVE) is a clinical-stage biotechnology company that focuses on developing its proprietary RNA medicines platform and PRISM. It also develops and commercializes a pipeline of RNA medicines in a variety of therapeutic areas.

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Disclosure: None. This article is originally published at Insider Monkey.