Denali Therapeutics Inc. (DNLI) stock plummeted 5.16% intraday on Tuesday.
The decline comes after Oppenheimer analyst Jay Olson lowered the firm's price target on Denali Therapeutics to $42 from $50, while maintaining an Outperform rating. The analyst lowered the probability of success for DNL343 for ALS, citing the company's quarterly results and insights from the CEO at Oppenheimer's healthcare conference.
Despite the lowered price target, Oppenheimer remains optimistic about Denali's multiple opportunities ahead, including the anticipated filing for DNL310 in Hunter syndrome and the expansion of the company's ETV platform to address more common diseases.
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