Dyne Therapeutics (DYN) Attains Orphan Drug Designation From Japanese Ministry

DYN -1.67%

Dyne Therapeutics (NASDAQ:DYN) is one of the 17 biotechnology stocks with more than 50% upside.

As of the February 12 closing, Dyne Therapeutics (NASDAQ:DYN) held a strongly bullish consensus view. Of the 9 analysts covering the stock, 7 assigned Buy ratings and 2 issued Hold ratings. With no Sell rating, the stock has a projected median 1-year price target of $39.33, implying almost 146% upside.

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On January 20, Dyne Therapeutics (DYN) reported that Japan’s Ministry of Health, Labour and Welfare granted Orphan Drug designation to the company’s experimental drug zeleciment-basivarsen to treat myotonic muscular dystrophy type 1, DM1. The company’s Chief Medical Officer Doug Kerr, M.D., Ph.D., stated:

”By targeting the underlying biology of DM1, z-basivarsen has shown early and sustained improvements in myotonia, muscle strength and function, with a favorable safety profile. This designation in Japan, alongside those already granted in the U.S. and Europe, emphasizes the urgent need for new therapies and highlights the potential of z-basivarsen to deliver meaningful functional improvement for people living with DM1.”

Dyne Therapeutics (NASDAQ:DYN) is a biotechnology company that formulates life-transforming targeted therapeutics for individuals with genetically driven neuromuscular diseases. Dyne Therapeutics (NASDAQ:DYN) uses its FORCE platform to identify the root cause of a condition and currently has a strong pipeline of clinical and preclinical programs.

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Disclosure: None. This article is originally published at Insider Monkey.