BUZZ-Denali Therapeutics falls after ALS drug fails in mid-to-late stage trial

Shares of drug developer Denali Therapeutics DNLI.O fall 6.7% to $18.50 premarket

Co late on Monday said its experimental ALS drug failed to meet the main goal of a mid-to-late stage study

Amyotrophic lateral sclerosis (ALS) is a fatal neurodegenerative disease

Co said the drug, DNL343, did not demonstrate a change in disease severity over time and in survival compared to placebo

The drug also did not meet key secondary goals of statistically significant improvements in muscle strength and respiratory function

Brokerage H.C. Wainwright cuts PT to $87 from $90, says "the results are not shocking given the complexities of conducting a perfect ALS trial"

Up to last close, stock had fallen 5% in 2024

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))