Cantor Fitzgerald analyst Eric Schmidt reiterated an Overweight rating on Dyne Therapeutics (NASDAQ: DYN).

The analyst commented, "We value DYN shares based on a risk-adjusted DCF analysis of z-rostudirsen (DMD51) and zbasivarsen (DM1), and ascribe modest value ($500M) to the FORCE platform. Our model assumes a 12% discount rate and 5% terminal growth rate. Risks. Platform safety/translation risk. All of DYN's key programs are derived from the FORCE platform. FORCE and other muscle delivery approaches have encountered rare safety events in the past. Any future adverse events could be damaging. Ex-U.S. regulatory risks in DMD exon 51. The EMA is likely to require demonstration of functional benefit prior to approving Z-rostudirsen. This has been challenging with first-generation exon skippers. Residual clinical risk in DM1. Z-basivarsen’s early data are from a small cohort. Registrational studies may not demonstrate a stat sig improvement in vHOT or consistent benefit across secondary functional measures. Commercial execution risk. Adoption in rare disease markets may be limited by patient identification and payer access."

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Shares of Dyne Therapeutics closed at $15.97 yesterday.