Dyne Therapeutics price target raised to $47 from $44 at Oppenheimer

Oppenheimer raised the firm’s price target on Dyne Therapeutics to $47 from $44 and keeps an Outperform rating on the shares following a competitor’s positive long-term data and Phase 3 trial design in DM1. The emphasis appears to be on myotonia improvement, yet the criteria for approving a DM1 oligonucleotide therapy remain ambiguous, Oppenheimer says. Regardless, the firm believes Dyne is well positioned, especially noting the meaningful myotonia improvement at its lowest dose after 6 months compared to the competitor’s highest dose. Importantly, based on DYNE-101’s highly positive early cohort results, Oppenheimer thinks its MOA has demonstrated considerable promise in significantly enhancing splicing, and potentially translating to clinical benefits beyond myotonia.