Dyne upped to Strong Buy by Raymond James
- Raymond James has upgraded Dyne Therapeutics Inc from Outperform to Strong Buy and raised the price target to $27 from $16.
- The analyst notes proximity to myotonic dystrophy type 1 (DM1) data for DYNE-101 (2H23), for which it has high conviction, will be positive.
- The ACHIEVE Phase 1/2 trial evaluating DYNE-101 for DM1 is underway. It includes a 24-week multiple ascending dose (MAD), a 24-week open-label extension, and a 96-week long-term extension.
- The ACHIEVE trial, designed to be registrational, is expected to enroll approximately 64 adult patients. Data from the MAD placebo-controlled portion of the ACHIEVE trial on safety, tolerability, and splicing are anticipated in the second half of 2023.
- Raymond James also sees a substantial valuation gap with Avidity Biosciences Inc , which should serve as a tailwind for DYN in 2023 between now and data (especially because the analyst thinks RNA will move higher also).
- DYNE-101 will be a valuable therapeutic if initial low doses simply recapitulate the MARINA interim data profile without the SAE.
- Raymond James literature analysis drives conservative expectations on spliceopathy.
- DM1 is, at its peak, a ~$9 billion revenue opportunity writes Raymond James analyst, which Dyne and Avidity will compete.
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