Bank of America Corp DE Invests $49.60 Million in Dyne Therapeutics, Inc. $DYN

Key Points

• Bank of America purchased 2.23 million Dyne Therapeutics shares worth approximately $49.6 million, giving it a 1.2% stake. Institutional investors collectively own 96.68% of the company.
• Dyne reported a quarterly loss of $1.08 per share, missing analysts’ $0.75-loss estimate. Shares opened at $17.11, well below the $32.17 average analyst price target, while the consensus rating remains “Moderate Buy.”
• Insiders have sold approximately $99.7 million of stock over the past 90 days, including a $54 million sale by director Jason Rhodes. Dyne is developing genetic medicines for muscle diseases using its FORCE delivery platform.

Bank of America Corp DE bought a new stake in Dyne Therapeutics, Inc. (NASDAQ:DYN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,233,398 shares of the company's stock, valued at approximately $49,604,000. Bank of America Corp DE owned approximately 1.20% of Dyne Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. Jupiter Topco LLC bought a new stake in shares of Dyne Therapeutics during the second quarter valued at approximately $266,634,000. ADAR1 Capital Management LLC bought a new position in Dyne Therapeutics in the 2nd quarter worth approximately $951,000. University of Wisconsin Foundation bought a new position in Dyne Therapeutics in the 2nd quarter worth approximately $6,964,000. Legal & General Group Plc acquired a new position in Dyne Therapeutics during the 2nd quarter worth $2,175,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Dyne Therapeutics during the 2nd quarter worth $1,746,000. 96.68% of the stock is owned by institutional investors.

Dyne Therapeutics Price Performance

Shares of DYN stock opened at $17.11 on Monday. The company has a quick ratio of 12.02, a current ratio of 12.02 and a debt-to-equity ratio of 0.28. Dyne Therapeutics, Inc. has a 12-month low of $11.92 and a 12-month high of $27.31. The firm has a fifty day moving average of $24.00 and a 200-day moving average of $20.63. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -5.14 and a beta of 1.08.

Dyne Therapeutics (NASDAQ:DYN - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by ($0.33). On average, equities research analysts forecast that Dyne Therapeutics, Inc. will post -3.59 earnings per share for the current year.

Wall Street Analyst Weigh In

DYN has been the subject of several research reports. HC Wainwright reissued a "buy" rating and issued a $50.00 target price on shares of Dyne Therapeutics in a research note on Monday, August 17th. TD Cowen began coverage on Dyne Therapeutics in a report on Friday, June 26th. They issued a "buy" rating on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Dyne Therapeutics in a research report on Friday, July 17th. Cantor Fitzgerald initiated coverage on Dyne Therapeutics in a report on Thursday, July 23rd. They set an "overweight" rating for the company. Finally, Robert W. Baird cut their target price on shares of Dyne Therapeutics from $30.00 to $26.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Dyne Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $32.17.

Insider Buying and Selling

In other news, Director Jason Rhodes sold 2,160,516 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $25.00, for a total transaction of $54,012,900.00. Following the completion of the transaction, the director directly owned 428,946 shares of the company's stock, valued at $10,723,650. This trade represents a 83.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Cox sold 5,658 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.88, for a total transaction of $106,823.04. Following the completion of the transaction, the chief executive officer directly owned 357,507 shares of the company's stock, valued at approximately $6,749,732.16. This trade represents a 1.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 4,150,974 shares of company stock valued at $99,697,629. Insiders own 9.46% of the company's stock.

About Dyne Therapeutics

Dyne Therapeutics, Inc is a biotechnology company focused on developing treatments for genetically driven muscle diseases. The company uses its FORCE platform, which is designed to deliver oligonucleotide therapeutics to skeletal muscle and other tissues by combining muscle-targeting antibodies with genetic medicines.

Dyne's research and development programs are aimed at conditions in which the underlying genetic mutations impair muscle function. Its pipeline has included DYNE-101 for myotonic dystrophy type 1 and DYNE-251 for Duchenne muscular dystrophy in patients with mutations amenable to exon 51 skipping.

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