Dianthus initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Dianthus (DNTH) with an Outperform rating and $50 price target. Lead drug DNTH103 is an upstream complement pathway inhibitor for neuromuscular diseases, aiming to improve on the convenience, safety, and “maybe even efficacy” of downstream complement pathway drugs, says the analyst, who notes that the firm’s price target implies greater than 150% upside from the current share price. Dianthus’ approach has “actually been massively derisked” over the last three months as Sanofi (SNY) presented “very strong” Phase 2 CIDP data for riliprubart and then Argenx (ARGX) also presented “strong” MMN data for their complement C2 antibody, the analyst tells investors.