Dyne Therapeutics Surges 41% as Jefferies Sees Benefits in Novartis-Avidity Merger

Dyne Therapeutics (DYN) surged 41% on Monday after Jefferies predicted it would benefit from Novartis' acquisition of Avidity Biosciences. Jefferies upgraded DYN to "buy" with a $50 price target, a 107% upside from its latest closing price. The investment firm believes DYN trades at a "cheap" $2.4 billion market capitalization despite its potentially first-to-market assets and $4.5-6 billion implied valuation.