B. Riley says the failure of Denali Therapeutics (DNLI) partner Sanofi’s (SNY) Phase II HIMALAYA study evaluating SAR443820/DNL788 in participants with amyotrophic lateral sclerosis as a “clearing event.” The analyst does not believe there was much value ascribed in buy-side expectations for success of this program. The failure allows for incremental Phase III trial related cost savings given the co-development agreement, the analyst tells investors in a research note. The firm reiterates a Buy rating on Denali, saying investors can now focus on DNL310’s accelerated approval prospects.
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