Wave Life Sciences’ obesity candidate WVE-007 triggered a sharp investor selloff after early Phase I INLIGHT data showed placebo-adjusted weight changes that fell short of what investors appeared to expect. Shares dropped roughly half on the day, with the 240 mg dose cohort showing a less than 1% body-weight reduction after six months. The report cites that the 32-participant cohort posted a 0.9% dip in body weight and a 3.3% decline in waist circumference at the six-month follow-up, compared with smaller changes seen at three months. It also notes investors were watching for benchmarks aligned with an FDA draft guidance that generally calls for at least a 5% placebo-adjusted difference at one year. Analysts quoted in the report said the limited signal reduces near-term value and that the next step is Phase IIa data for reevaluation of the INHBE/obesity approach.