Dyne Therapeutics falls as J.P. Morgan downgrades to 'neutral'
24/10/2024 11:25
** Shares of drug developer Dyne Therapeutics DYN.O down
about 4% at $31.2 premarket
** J.P. Morgan downgrades stock to "Neutral" rating from
"Overweight", cuts PT to $35 from $43
** Brokerage skeptical if additional results from an
early-to-mid stage trial testing DYNE-101 for a genetic muscular
disorder would "fundamentally move the likelihood of success
materially higher" or add near-term value
** Adds recent safety concerns over another early-to-mid
stage trial testing DYNE-251 for a rare muscular degeneration
disorder could keep DYN stock range bound over mid-term
** Nine of 10 brokerages rate the stock "buy" or higher
while one rates "hold"; their median PT is $52.5 - LSEG data
** As of last close, stock more than doubled YTD vs 7.65%
gain in Nasdaq Biotechnology Index .NBI
(Reporting by Sruthi Narasimha Chari in Bengaluru)
((Sruthinarasimha.chari@thomsonreuters.com))