Dyne Therapeutics initiated with an Outperform at RBC Capital

RBC Capital analyst Luca Issi initiated coverage of Dyne Therapeutics (DYN) with an Outperform rating and $45 price target. Dyne’s lead program is for DM1, a complex genetic disease where muscles are weak/unable to relax and patients have heart, eye and CNS complications, the analyst tells investors. Dyne and Avidity Biosciences (RNA) are pioneering the approach of combining the specificity of a mAb or Fab with the precision of an oligo, which the analyst thinks “can be the next big breakthrough in genetic medicine.” The firm doesn’t think this is zero-sum, with space for more than one winner, nad views the recent pullback in Dyne shares due to safety and lower perceived M&A optionality as creating an opportunity, the analyst added.