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Fly News Breaks for February 28, 2020
Feb 28, 2020 | 08:18 EDT
Wedbush analyst Laura Chico upgraded Denali Therapeutics to Outperform from Neutral with a price target of $24, up from $23, saying that although all cylinders appear to be firing across the Denali pipeline and clinical programs, shares are off nearly 30% from the highs amidst a turbulent macro backdrop. Management remains on track to nominate a candidate for further Phase 2 studies by mid-2020 with additional Phase 1 DNL151 data in Parkinson's disease patients to come, Chico tells investors in a research note, adding that she continues to hold an enthusiastic view on the scientific efforts Denali is pursuing. With the pullback providing a more attractive entry point, Chico thinks the company is in a solid position with $570M in pro-forma cash.
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