Denali Therapeutics price target lowered to $35 from $40 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Denali Therapeutics (DNLI) to $35 from $40 and keeps an Overweight rating on the shares. The Phase 2b LUMA study failed to meet its primary and secondary endpoints and BIIB122 was discontinued, the analyst tells investors in a research note. The firm added that valuation is likely to shift sensitivity to other pipeline assets and broader platform validation. Meet Samuel – Your Personal Investing ProphetStart a conversation with TipRanks’ trusted, data-backed investment intelligence

Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>