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Investing.com - Raymond James raised its price target on Dianthus Therapeutics (NASDAQ:DNTH) to $63.00 from $56.00 on Monday, while maintaining an Outperform rating on the stock. The company, currently valued at $1.02 billion, has seen its shares surge 33% in the past week, trading near its 52-week high of $32.80.
The price target increase follows topline results from the Phase 2 MaGic study evaluating claseprubart, an active C1s inhibitor, in AChR+ generalized myasthenia gravis (gMG).
Raymond James noted that the study showed competitive results compared to approved complement therapies on the MG-ADL registrational endpoint, which is used to measure efficacy in myasthenia gravis treatments.
The investment firm indicated that the successful proof-of-concept readout in gMG increases confidence that the drug has potential to gain market share in treating this condition.
Raymond James also stated that these results meaningfully derisk the company’s CIDP and MMN programs for claseprubart, contributing to the higher valuation target.
In other recent news, Dianthus Therapeutics has announced the launch of a $150 million public stock offering. The company plans to provide underwriters with a 30-day option to purchase up to an additional $22.5 million of common stock shares. This development follows positive Phase 2 trial results for its experimental drug, claseprubart, in treating generalized Myasthenia Gravis (gMG). The trial demonstrated statistically significant and clinically meaningful improvements in key efficacy measures for patients. Additionally, Guggenheim has raised its price target for Dianthus Therapeutics to $100, maintaining a Buy rating, following the promising trial results. The firm noted discussions around ANA/ds-DNA seroconversion, with no Lupus-like clinical manifestations observed. Dianthus is set to discuss these trial results in an upcoming conference call and webcast. These recent developments underscore the company’s ongoing efforts in advancing its therapeutic pipeline.
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