Analyst Says This Small Cap Biotech Firm Has 'Very Valuable Therapeutic,' Upgrades Stock

Raymond James has upgraded Dyne Therapeutics Inc DYN 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 RNA, which should serve as a tailwind for DYN in 2023 between now and data (especially because the analyst thinks RNA will move higher also).
Related: Avidity Biosciences Or Dyne Therapeutics - Read On Raymond James' Rating Skew.
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.
Price Action: DYN shares are up 10.3% at $12.79 on the last check Monday.

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