Stifel views pullback in Dyne Therapeutics shares as buying opportunity

Stifel analyst Paul Matteis says the firm can see why Dyne Therapeutics’ stock is down today, given the observation of two SAEs at the highest DYN-251 dose, alongside management changes that are likely taking some M&A premium out of the stock. And while one can’t prove nor disprove whether these SAEs are or not drug related, a few things assuage Stifel’s concern, namely that these events were days after dosing; as more patients with DMD or DM1 are treated, background SAEs may inevitably happen; both patients remain on drug and in study; and DM1 safety data, now including 6.8mg/kg, looks favorable. Meanwhile, new DMD efficacy data at 20mg/kg look favorable and reaffirm the firm’s view that there’s likely a real drug here that’s differentiated from other skippers. Stifel keeps a Buy rating on the shares and views the pullback as a buying opportunity.