Avidity Biosciences Or Dyne Therapeutics - Read On Raymond James' Rating Skew

  • Raymond James initiated coverage on Avidity Biosciences Inc RNA with a Strong Buy rating and $29 price target (68% upside) and Dyne Therapeutics Inc DYN with an Outperform rating and $15 price target (68% upside). 
  • The analysts bet on the targeted delivery of oligonucleotides improving the therapeutic window of first-generation oligonucleotides.
  • Related: Avidity Biosciences Shares Gain As Its Oligonucleotide Candidate Enters Early-Stage Trial In Muscle Wasting Disorder.
  • The rating is bent towards Avidity based on more near-term clinical data (4Q22, whereas Dyne is beginning dosing in mid-2022), and preclinical data packages share similarities, but muscle tissue delivery seems slightly more evident for Avidity. 
  • Also See: Dyne's Shares Gain After FDA Removed Clinical Hold On Muscular Disease Study.
  • Using Sarepta Therapeutics Inc's SRPT success and launch trajectory in the DMD market as a surrogate for launch assumptions, Raymond James models Avidity launching in 2026 and capturing 40% of the DM1 market at peak, with ~80% total addressable patients.
  • For Dyne, the analyst anticipates a launch in 2027 and 35% at peak, corresponding to peak DM1 sales of $2.4 billion for Avidity and $2.1 billion for Dyne.
  • Price Action: DYN stock is up 3.96% at $8.92, and RNA shares are up 5.63% at $17.25 during the market session on the last check Tuesday.
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