Dyne Therapeutics price target lowered to $13 from $34 at Oppenheimer

Oppenheimer lowered the firm’s price target on Dyne Therapeutics (DYN) to $13 from $34 and keeps an Outperform rating on the shares. The firm sees shares trading at $1.5B market cap close to fairly valuing the opportunities in DM1 and DMD. While Oppenheimer acknowledges a real treatment effect for DYN-101, the firm is cautious around ACHIEVE’s modified design that threads the needle on capturing statistical powering with just 60 patients. For DMD, DYNE-251 has shown robust dystrophin expression in Phase 1/2 with additional data late 2025 but could be complicated by potential safety signals. While management continues to guide BLA submissions for both programs in 2026, Oppenheimer views timelines and regulatory clarity as key overhangs heading into expansion readouts. The firm also sees DM1 and DMD as crowded therapeutic areas with several emerging players that could limit market share.