Oppenheimer starts Dyne Therapeutics at Outperform with $34 price target

Oppenheimer analyst Francois Brisebois initiated coverage of Dyne Therapeutics with an Outperform rating and $34 price target. The firm believes Dyne is well-positioned to become a leader in the oligonucleotide therapeutics market as it aims to overcome a critical limitation in this space’s poor muscle drug delivery. Based on strong preclinical results, and Avidity’s (RNA) clinical readout, the firm sees the ongoing, potentially registrational ACHIEVE Phase 1/2 study of DYNE101 for DM1 as "relatively de-risked" and contends that the commercial opportunities in DM1 and DMD "cannot be overstated."