Piper says buy Dyne ahead of ACHIEVE/DELIVER data, registrational cohorts

Piper Sandler analyst Edward Tenthoff recommends owning Dyne Therapeutics’ shares ahead of updated Phase I/II ACHIEVE and DELIVER data and registrational cohort starts by year-end 2024. For DYNE-101, the firm expects to see continued dose-dependent improvement in CASI and vHOT with longer duration 5.4mg/kg and higher 6.8mg/kg exposure. While reports of serious related TEAEs at 40mg/kg DYNE-251 caused shares to trade lower, Piper argues 20mg/kg q4W has already safely demonstrated clinically meaningful and potentially best-in-class exon skipping and dystrophin expression with clear signs of function improvement. Dyne has initiated registrational DELIVER cohorts at 20mg/kg q4W DYNE-251 and should update plans by year-end 2024. The firm reiterates an Overweight rating and $53 price target on the shares.