Denali Therapeutics price target lowered to $32 from $80 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Denali Therapeutics (DNLI) to $32 from $80 and keeps a Buy rating on the shares after the company shared that it has completed the Biologic License Application submission for tividenofusp alfa, setting the company up for a late 2025 or early 2026 launch. However, the firm is lowering multiples and increasing discount rates to better align with current investor sentiment, elevated cost of capital, and reduced appetite for early-stage clinical risk, which reduces its price target the analyst tells investors.