RBC Capital Starts Dyne Therapeutics (DYN) at Outperform

RBC Capital analyst Luca Issi initiates coverage on Dyne Therapeutics (NASDAQ: DYN) with a Outperform rating and a price target of $45.00.

THe analyst comments "Our view: We fundamentally believe that combining the specificity of a mAb (or Fab) with the precision of an oligo can be the next big breakthrough in genetic medicine (similar to what GalNAC was for siRNA or ADCs for mAbs). DYN and RNA are pioneering this approach, and while we can debate some differences between the two (Fab vs mAb, siRNA vs ASO, TfR1 binding affinity, etc.), we think both companies have shown convincing clinical data that cross-validate each other. On DM1, RNA is ahead, but DYN may catch up via: 1) regulatory (accelerated approval on splicing); 2) higher doses (first look in Jan-25); and 3) efficacy (ASO possibly better vs siRNA for nuclear target). On DMD, early days, but we like materially higher expression/less frequent dosing vs current SOC. Safety remains the key risk (DYN showed hemolytic uremic and RNA stroke) but we are reassured by an otherwise clean profile for a relatively large n/follow-up. Overall, we don't think this is zero-sum (space for more than one winner) and we see recent pullback due to safety/lower perceived M&A optionality as creating an opportunity (we like new CEO with prior large transactional experience given BIVV sold to SNY for $11.6b)."

For an analyst ratings summary and ratings history on Dyne Therapeutics click here. For more ratings news on Dyne Therapeutics click here.

Shares of Dyne Therapeutics closed at $29.69 yesterday.

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