On Tuesday, Stifel maintained a Buy rating on Dyne Therapeutics (NASDAQ:DYN) and increased the price target to $41 from $35. The firm's optimistic stance is based on the expectation of additional data from Dyne's ongoing studies in the second half of 2024 (2H24).
Dyne Therapeutics is anticipated to report further findings from its studies on myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD). Updates on the regulatory path for both programs are also expected in 2H24. This comes as a similar company in the RNA space announced alignment on a phase 3 primary endpoint, which is seen as a favorable development for the sector, and by extension, for Dyne Therapeutics.
The company has shown efficacy at low doses in its trials, and while the exact endpoints for registration are yet to be determined, there are plans to expand the DM1 and DMD trials. The goal is to initiate registrational cohorts by the end of 2024. Dyne is currently enrolling patients at higher doses in both trials, with the DM1 trial now at 6.8mg/kg every eight weeks and the DMD trial at 40mg/kg every eight weeks.
Following a successful fundraising in January, Dyne Therapeutics has secured its cash runway through 2025. This financial stability has allowed Stifel to update their model and set a new price target of $41 for the company's stock.
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