Dyne Therapeutics downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Tessa Romero downgraded Dyne Therapeutics (DYN) to Neutral from Overweight with a price target of $35, down from $43. While the shares have recently underperformed since the September disclosures, they are still up 150% year-to-date, the analyst tells investors in a research note. The firm wonders if the additional results from the Phase 1/2 ACHIEVE trial evaluating DYNE-101 in myotonic dystrophy type 1 expected by the end of the year will fundamentally move the likelihood of success materially higher at current levels and unlock additional value in the near term. JPMorgan downgrades the shares post the outperformance and expects Dyne to be a relative performer over the mid-term.