Denali Therapeutics price target lowered to $32 from $35 at BTIG

BTIG analyst Thomas Shrader lowered the firm’s price target on Denali Therapeutics (DNLI) to $32 from $35 and keeps a Buy rating on the shares after the company announced topline data from the Phase 2/3 HEALEY trial which was testing an agonist of eIF2B for amyotrophic lateral sclerosis. The DNL343 failure is sobering as the program was backed by convincing pre-clinical data showing reduced aggregation of key drivers of ALS pathology such as TDP-43, the analyst tells investors in a research note. The firm adds that it was one of the last legacy programs at Denali as management has made it clear that the pipeline will be increasingly focused on the TV side of development.