To reproduce:
1. Open project attached
2. In Project window, select TestSprite3
3. In Inspector window, make sure change sprite's Wrap Mode is set to Repeat
3. Change sprite's mode from Repeat, to Clamp and then Repeat again
4. Apply changes

Expected: sprite is visible
Actual: sprite is not visible (check .gif attached)

Reproduced in: 2017.1.2p3, 2017.2.0p2, 2017.3.0b10, 2018.1.0a5
Not reproduced in: 5.5.5p1, 5.6.4p2

Note1: entering Play mode fixes the issue
Note2: can be reproduced with all Wrap modes if changing the Wrap mode as [Wrap mode X] -> [any Wrap mode] -> [Wrap mode X] -> Apply
Note3: while switching Wrap modes when Repeat is applied, mode is being changed without Applying changes (as seen visually in the .gif)