Denali Therapeutics

DNLI · NASDAQ

$18.93+$0.89 (+4.93%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $18.04

DNLI analyst rating

BuyConsensus of 13 analysts over the last 12 months. 92% rate it a buy.

Strong buy0
Buy12
Hold1
Underperform0
Sell0

12-month price target · 18 analysts

Average $37.26 (+96.9% upside)

Low: $27.27
Now: $18.93
High: $44.10

Upgrades and downgrades

The latest rating actions, newest first

DNLI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B. Riley Securities	Aug 25, 2026	Maintains	Buy	$30.00 → $35.00	47%
UBS	Aug 7, 2026	Maintains	Buy	$25.00 → $34.00	53%
Morgan Stanley	Jul 23, 2026	Maintains	Overweight	$35.00 → $36.00	51%
Deutsche Bank	Jul 16, 2026	Maintains	Buy	$31.00 → $35.00	45%
JP Morgan	Jul 13, 2026	Initiates	Overweight	$29.00	57%
Morgan Stanley	May 26, 2026	Maintains	Overweight	$40.00 → $35.00	51%
Morgan Stanley	May 14, 2026	Maintains	Overweight	$42.00 → $40.00	51%
BTIG	May 11, 2026	Maintains	Buy	$39.00	30%
Wedbush	May 8, 2026	Maintains	Outperform	$25.00 → $23.00	40%
Leerink Partners	Apr 22, 2026	Maintains	Outperform	$40.00 → $35.00	55%

The case for and against

Updated Oct 21, 2026

Bull case

Denali Therapeutics is attractive because AVLAYAH has already received FDA accelerated approval, first commercial patients were treated in less than one month, and biomarker responses show >90% of patients reach goal versus almost none on standard of care, supporting a differentiated launch. The company also has a broad CNS pipeline with DNL628 now in Phase 1b, DNL593 fully enrolled with year-end 2026 biomarker data expected, and DNL151 data anticipated in mid-2026, creating multiple upcoming catalysts. Financially, Denali ended 1Q26 with about $1.05B in cash and equivalents and reported GAAP EPS of $(0.69), while the PRV from AVLAYAH adds potential non-dilutive funding and long-term revenue upside.

Bear case

Denali Therapeutics is viewed negatively because it continues to post sizable losses, with a 1Q26 net loss of $128.4M and EPS of (0.69), while ongoing R&D and commercialization spending keeps the business cash-consuming despite modest expense discipline. Although it ended the quarter with about $1.05B in cash, cash equivalents, and marketable securities, that liquidity was partly boosted by $200M from a synthetic royalty deal, underscoring reliance on external financing to sustain development and launch efforts. The investment case is further pressured by regulatory and competitive risk, since accelerated review paths can still require more data or longer studies, and Denali’s market traction for AVLAYAH may take time to translate into meaningful adoption.

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