NEW YORK, January 2, 2026, 14:13 ET — Regular session
- Wave Life Sciences shares fell about 8.5% in afternoon trading, underperforming biotech ETFs.
- The move extends volatility after December’s obesity-drug data and a follow-on share sale.
- Investors are watching for additional Phase 1 follow-up data Wave has flagged for early 2026.
Wave Life Sciences Ltd shares slid on Friday, giving back part of last month’s obesity-driven run as the biotech sector wobbled in the first U.S. session of 2026. The stock was down about 8.5% at $15.55 as of 2:13 p.m. ET.
The retreat matters because Wave has become a high-volatility obesity “story stock,” with investors trying to price the upside of an early-stage program against the risks that come with thin clinical data and heavy funding needs. The shares more than doubled on December 8 after the company posted interim Phase 1 results for its obesity candidate. 1
Friday’s pullback also puts attention back on what comes next: follow-up data that test whether early changes in body composition hold up over time, and how quickly Wave can move its candidate into later-stage studies that typically drive valuation for clinical-stage biotechs.
The broader tape offered little help. U.S. stocks were choppy in afternoon trade, and biotech funds were lower, with the SPDR S&P Biotech ETF down about 1.1% and the iShares Nasdaq Biotechnology ETF off about 0.5%. 2
Wave’s December 8 update said a single 240 mg dose of WVE-007 cut visceral fat by 9.4% at three months and increased lean mass by 3.2%, based on DEXA body scans. Angela Fitch, chief medical officer at knownwell, said the results showed “meaningful reductions in body fat… while preserving lean mass,” and Wave said it expected further clinical updates in the first quarter of 2026. 3
A day later, Wave priced an upsized public offering of ordinary shares and pre-funded warrants for expected gross proceeds of about $350 million at $19 per share, a financing that boosted cash but increased share supply. 4
WVE-007 is a GalNAc-siRNA—an RNA-based medicine designed to silence a gene in the liver—that targets INHBE, a pathway linked in human genetics to body composition and metabolic health. Wave has said it is planning Phase 2 studies both as a stand-alone treatment and as an add-on to “incretins,” a class that includes GLP-1 drugs used for weight loss. 3
Moves in nearby names were mixed. Arrowhead Pharmaceuticals was up about 1.4% while Structure Therapeutics fell about 3.1%, underscoring the uneven trading that has marked obesity and RNA-linked biotech.
For traders, Friday’s price action highlighted how fast sentiment can turn. Wave changed hands between roughly $15.53 and $17.23 in the session after opening near the prior close.
Investors are now watching for any update that clarifies durability, dosing cadence and safety—especially as Wave argues WVE-007 could offer less frequent dosing than current injectable weight-loss drugs. They will also look for specifics on Phase 2 trial design and timing, which can shape how quickly the program can generate decision-grade data.
