Initiating At Buy: Building A DYNEasty With Revolutionary FORCE

研报英文原文证据摘录

Initiating At Buy: Building A DYNEasty With Revolutionary FORCE

Biotechnology

Dyne Therapeutics

TD SECURITIES (USA) LLC INITIATING COVERAGE

June 26, 2026

Price: $20.61 (06/25/2026) Initiating At Buy: Building A DYNEasty With

Price Target: NA Revolutionary FORCE

BUY (1)

ESG SCORE: 56/100

Joseph Thome, Ph.D. THE TD COWEN INSIGHT

646 562 1308

Dyne is advancing its FORCE platform, which is designed to overcome delivery limitations

joseph.thome@tdsecurities.com

for therapeutics in neuromuscular and CNS diseases. Two programs are in late stage

Peyton Bohnsack, Ph.D. development: z-rostudirsen for exon 51 DMD mutations (BLA for accelerated approval

646 562 1313 submitted) and z-basivarsen for DM1 (registration cohort enrolled, Q1:27 data). Our KOLs

peyton.bohnsack@tdsecurities.com

suggest both could be best in class. Initiate at Buy.

Key Data

Symbol NASDAQ: DYN KOLs Expect Z-Rostudirsen To Lead The Pack In DMD Exon 51 Patients

Beta: 1.09

Dyne is developing therapeutics for the treatment of neuromuscular and CNS diseases

52-Week Range: $24.29-$8.18

using its FORCE platform approach. The platform leverages the transferrin receptor (TfR1) to

Market Cap: $3.4B

support increased targeting and uptake of therapeutic payloads to the muscle and across the

Net Debt (MM): $(822.8) blood brain barrier. The company's lead asset is z-rostudirsen for DMD patients with exon 51

Cash/Share: $4.98 mutations, and a BLA in support of accelerated approval has been submitted to the FDA. The

Dil. Shares Out (MM): 165.3 therapy has generated encouraging levels of dystrophin production and supportive functional

Enterprise Value

$2,604.2 benefit data in patients. A confirmatory study is ongoing, and we anticipate an initial approval

(MM):

BV/Share: $5.24 and launch in Q1:27.