Oppenheimer upgrades Dyne Therapeutics to Outperform, raises target to $40

As previously reported, Oppenheimer analyst Kostas Biliouris upgraded Dyne Therapeutics (DYN) to Outperform from Perform with a price target of $40, up from $11. The firm notes Dyne has been trading at a discount compared to closest competitor Avidity, mainly due to investor concerns around the myotonic dystrophy type 1 program’s timeline, Phase III powering, and accelerated approval possibility. Although appreciating investor concerns around DM1, Oppenheimer believes that the biggest catalyst for Dyne moving forward is the read-through from competitor Avidity’s Phase III readout in the second half of 2026, expected to be positive and with the potential to drive upside of about 50%-plus in the stock. Recall, Avidity’s recent acquisition news drove more than 40% upside in Dyne.