** Drug developer Wave Life Sciences' WVE.O shares rise 16.1% to $10.96 premarket
** WVE says its experimental drug, WVE-N531, showed functional benefits and reversal of muscle damage in patients with Duchenne muscular dystrophy (DMD) in a mid-stage study
** Most DMD patients lack the protein dystrophin which keeps muscles intact
** Co intends to submit a marketing application to the FDA in 2026 for potential accelerated approval
** Co says 7 out of 8 patients "achieved greater than 5% average dystrophin between 24 and 48 weeks"
** Brokerage Truist Securities says the 48-week data is "impressive" for muscle damage reversal
** Up to last close, WVE has risen 63.3% in the past 12 months
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
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