Wave Plunges More Than 50% After Obesity Shot Falls Short

Wave Life Sciences Ltd. shares plunged their most on record after a single, higher-dose shot of its weight-loss drug failed to meet investor expectations for reducing visceral fat.

The medicine, known as WVE-007, is intended to be used as a less-frequent treatment to help people shed pounds without losing muscle, a known risk with the blockbuster obesity drugs sold by Novo Nordisk A/S and Eli Lilly & Co. The drug is designed to work by turning down a gene linked to obesity and intended to be given once or twice a year.