Oppenheimer says Dyne Therapeutics weakness on management changes ‘overblown’

Oppenheimer notes that Dyne Therapeutics announced leadership appointments, including the appointment of Doug Kerr as Chief Medical Officer to succeed Wildon Farwell, along with having announced new clinical data from its ongoing Phase 1/2 DELIVER trial of DYNE-251 in patients with Duchenne muscular dystrophy – DMD – who are amenable to exon 51 skipping. In addition to dose-dependent PMO delivery to muscle and exon skipping, the firm is “encouraged” by the “robust” 3.71% of normal dystrophin expression driven by the higher doses and by the functional improvements, says the analyst, who acknowledges that the substantial management changes “may be perceived as surprising and adding risk,” but believes the stock reaction is “overblown.” The firm, which would take advantage of the weakness, is reiterating an Outperform rating and $55 price target on Dyne shares.