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Raymond James initiated coverage on Dianthus Therapeutics Inc (NASDAQ:DNTH), a recent reverse merger with the old Magenta Therapeutics.
The analysts initiate with an Outperform rating and a price target of $24.
The lead asset, DNTH103, is an antibody designed to target active C1s, a key component in the classical pathway, and is protected by intellectual property rights until 2043.
This targeting strategy has been de-risked, especially in light of Sanofi SA's (NASDAQ:SNY) approval of Enjaymo, an antibody targeting total C1s for Cold Agglutinin Disease (CAD). However, DNTH103's focus on active C1s offers distinct advantages, such as avoiding the protein sink associated with total C1s.
Dianthus is initiating a Phase 2 gMG study with a target product profile that will potentially offer dosing advantages and safety advantages over prevailing comps. Phase 2 data are expected by 2H25. With clear data precedents in gMG, it will be easy to know if DNTH103 is an active and promising drug for gMG. Based on disease biology and PK/PD data, analysts expect DNTH103 to be at least as efficacious as AstraZeneca Plc's (NASDAQ:AZN) Soliris/Ultomiris or Ra Pharmaceuticals, a subsidiary of UCB SA (OTC:UCBJY) (OTC:UCBJF) Zilucoplan.
Dianthus is commencing a Phase 2 study for gMG, with a target product profile with the potential for improved dosing and safety advantages compared to current competitors. Anticipated Phase 2 data results are slated for 2H of 2025. Given the well-established data benchmarks within the gMG field, it will be straightforward to determine if DNTH103 demonstrates active and promising qualities for gMG treatment. Based on our understanding of the disease's biology and pharmacokinetic/pharmacodynamic data, DNTH103 is expected to exhibit efficacy at least on par with AstraZeneca Plc's (NASDAQ: AZN) Soliris/Ultomiris or Zilucoplan from Ra Pharmaceuticals, a subsidiary of UCB SA (OTC:UCBJY) (OTC:UCBJF).
Price Action: DNTH shares are up 1.80% at $13.55 on the last check Thursday.
