On Monday, H.C. Wainwright increased the price target for Dyne Therapeutics (NASDAQ:DYN) shares to $48.00, up from the previous $36.00, while maintaining a Buy rating on the stock.
The adjustment comes after Dyne Therapeutics released new data from its ACHIEVE and DELIVER programs, which are focused on treatments for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD), respectively.
The company reported encouraging results from its DM1 program, demonstrating a dose-dependent effect on splicing correction. An average of 27% splicing correction was achieved across six subjects, which is considered promising since studies indicate that functional improvement is likely when correction exceeds 20%. Additionally, patient-reported outcomes and vHOT data showed substantial improvements over placebo.
For the DMD program, DYNE-251 revealed a dose-dependent increase in dystrophin expression. The trial data indicated a nearly sevenfold increase over placebo in muscle content adjusted dystrophin levels, a result that notably outperforms eteplirsen, a current treatment that requires a much higher dose and more frequent administration.
The safety profile of DYNE-251 also supports the potential to increase dosages up to 40 mg/kg every eight weeks, which may lead to better functional outcomes.
The analyst believes these results may signal a shift in the therapeutic approach for DMD and offer a new direction for treating myotonic dystrophy. The positive data has led to the reassessment of the probability of success for both programs, prompting the raised price target.
The firm suggests that Dyne Therapeutics could be on track for an accelerated approval pathway for these treatments, given the robustness of the recent trial outcomes.
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