Bernstein initiated coverage of Dyne Therapeutics with a Market Perform rating and $13 price target The firm sees muscle as one of the most promising “next frontiers” for oligonucleotides, and says Avidity Biosciences (RNA) and Dyne (DYN) are “clear leaders in the space by virtue of their antibody-conjugated delivery tech.” Bernstein prefers shares of prefer Avidity, believing it has greater risk diversification with three drugs in pivotal trials, more conservative regulatory strategy in the large myotonic dystrophy type 1 indication, and a stronger balance sheet with cash runway into 2027.
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