Dyne Therapeutics initiated with an Outperform at Baird

Baird initiated coverage of Dyne Therapeutics (DYN) with an Outperform rating and $46 price target Dyne has become “dramatically more affordable” since the mid-September Duchenne muscular dystrophy update, and there’s “substantial upside” to the valuation on the DM-1 program alone, which is holding “clear blockbuster potential,” the analyst tells investors in a research note. The firm says the next data, coming in early January, should strengthen the case for the drug’s potential.