Denali Therapeutics slides after launching $200 million share sale

Drug developer Denali Therapeutics' DNLI.O shares slide 9% to $17.90 in extended trading

DNLI kicks off public offering of $200 million worth of shares and pre-funded warrants

Goldman Sachs, J.P. Morgan Securities, Morgan Stanley and Jefferies are joint book-running managers for offering

Proceeds will be used to advance commercial readiness and regulatory pathways for its drug pipeline, scale internal manufacturing capabilities, among other purposes

DNLI has 146.6 million outstanding shares as of September 30, according to prospectus

All 18 brokerages covering the stock rate it "buy" or higher; median PT $32 - data compiled by LSEG

As of last close, DNLI stock down 3.5% YTD