Wave Life Sciences shares dropped sharply after the company reported mixed early clinical data for WVE-007, its RNA-based obesity candidate, in the Phase I INLIGHT trial. Investors focused on placebo-adjusted body weight and waist circumference results that, at six months after dosing, showed less impact than many market expectations. In the 240 mg cohort’s six-month follow-up, Wave reported a 0.9% body weight reduction and a 3.3% decline in waist circumference, both placebo-adjusted, versus smaller differences seen at three months. The article cited a benchmark referenced from an FDA draft guidance framework seeking at least a 5% difference in mean weight reduction versus placebo at one year. Street commentary highlighted the disconnect between the magnitude of weight change reported so far and what would be needed to justify rapid progression to later-stage development. The immediate effect was a steep selloff in the stock.