Richard Scalzo, Senior Vice President and Head of Finance & Admin at Dyne Therapeutics, Inc. (NASDAQ:DYN), recently sold shares of the company's common stock. According to a recent SEC filing, Scalzo sold a total of 1,455 shares, totaling approximately $40,914. The shares were sold at a weighted average price of $28.12, with individual transaction prices ranging from $27.76 to $28.71.
This transaction was conducted to satisfy tax withholding obligations related to the vesting of restricted stock units (RSUs) granted to Scalzo in December 2021 and December 2022. The sale was part of an automatic process defined in a restricted stock unit agreement and did not represent a discretionary trade by Scalzo.
Following this transaction, Scalzo holds 127,078 shares of Dyne Therapeutics, which includes 119,688 unvested RSUs.
In other recent news, Dyne Therapeutics has seen significant developments in its clinical trials and financial endeavors. The biotech company's earnings per share of ($0.70) surpassed both Oppenheimer and consensus estimates, leading to an outlook adjustment from Piper Sandler, H.C. Wainwright, and Oppenheimer. Dyne Therapeutics also increased its stock offering from $200 million to $300 million, having already raised approximately $101.2 million from the issuance and sale of its common stock.
The company's ACHIEVE trial for DYNE-101, treating myotonic dystrophy type 1 (DM1), and the DELIVER trial for DYNE-251, aimed at treating Duchenne muscular dystrophy (DMD), have both shown promising results. Piper Sandler maintained its overweight rating on Dyne Therapeutics, with a steady price target of $53.00, based on these positive outcomes.
RBC (TSX:RY) Capital Markets initiated coverage on Dyne Therapeutics with an Outperform rating, pointing to the potential breakthrough in genetic medicine being pioneered by the company. Meanwhile, JPMorgan (NYSE:JPM) downgraded Dyne Therapeutics from Overweight to Neutral, reducing its price target on the biotech company's stock to $35.00, following a period of underperformance.
Dyne Therapeutics also received a reaffirmed Outperform rating and a $55.00 price target from Oppenheimer, bolstered by recent clinical data from Phase 1/2 DYNE-251 studies for Duchenne muscular dystrophy. The company also announced strategic leadership changes to bolster its commercialization and operational capabilities, preparing for potential expedited approval of its DM1 and DMD clinical programs.
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