RNA-editing stocks soar on Wave Life’s breakthrough trial data

Companies developing RNA-editing therapies are rallying Wednesday after breakthrough data from a clinical trial showed the technology’s promise as a treatment.

Wave Life Sciences Ltd. said it achieved so-called proof-of-mechanism in a single-dose trial of its potential treatment for a genetic disorder that causes lung and liver diseases. Its stock surged as much as 82% to the highest level since September 2020, adding about $960 million to the drug developer’s market value.

Wall Street praised the potential for Wave Life’s drug as early efficacy results surpassed analysts’ expectations. While it could take years for the drug to come to market, the data represents a landmark for the RNA-editing space – as the earliest human data for any RNA editing therapy and a validation for the technology.

“This is the first time we’ve seen it in humans actually do what we think it’s doing,” said Madison El-Saadi, an analyst at B Riley Securities. “The fact that we see this with just one dose, it is really promising.”

Shares of other developers in the space surged after Wave Life’s data. ProQR Therapeutics NV shares climbed as much as 117% – its biggest intraday advance since September 2018 – while shares of Korro Bio Inc. also more than doubled, soaring as much as 146%, a record gain.

“We think WVE data is fantastic news for the broader field,” said Luca Issi, an analyst at RBC Capital Markets who holds an outperform rating on Korro’s shares.

Wave Life plans to report data from a multidose trial of its therapy in 2025.