Wedbush bullish on Dianthus, initiates with an Outperform

As previously reported, Wedbush initiated coverage of Dianthus with an Outperform rating and $23 price target. The firm sees DNTH103 as well-positioned – a monoclonal antibody directed against the active form of the complement C1s protein. Phase 1 healthy volunteer data demonstrates potential for subcutaneous Q2W dosing, while Dianthus will initiate multiple Phase 2 proof-of-concept studies, Wedbush says. The firm assigns DNTH103 credit in generalized myasthenia gravis, with earliest, market entry in FY28, and FY30 revenue reaching $599M. Additional proof-of-concept studies could open other applications. Current cash $190M exiting Q3 provides runway into 2Q26, and with shares trading at about $11, Wedbush likes the risk/reward setup.