Dyne Therapeutics downgraded to Perform at Oppenheimer following additional data

As previously reported, Oppenheimer downgraded Dyne Therapeutics (DYN) to Perform from Outperform but kept a price target of $13 after the company presented additional one-year data from the Phase 1/2 ACHIEVE study of DYNE-101/DM1, plus posters on DYNE-251 and its FORCE platform at the World Muscle Society. New data including functional outcomes, strength, patient-reported outcomes and overall disease burden support DYNE-101’s treatment effect on DM1 patients. However, the firm views powering of the pivotal study as a key overhang given the small cohort size and statistical variability. With Dyne shares participating in the recent XBI rally over the past month, Oppenheimer is stepping to the sidelines based on valuation ahead of pivotal readout later this year from DYN-251/DMD, where the firm remains cautious around safety.