Denali Therapeutics: BIIB122/DNL151 misses in idiopathic early-stage Parkinson’s

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Denali Therapeutics: BIIB122/DNL151 misses in idiopathic early-stage Parkinson’s

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Denali Therapeutics

BIIB122/DNL151 misses in idiopathic

early-stage Parkinson’s

Maintain Rating: BUY | PO: 31.00 USD | Price: 19.30 USD

BIIB122/DNL151 fails to show benefit in broader PD group 21 May 2026

DNLI and partner Biogen (BIIB; covered by Jason Zemansky) announced BIIB122/DNL151 Equity

(LRRK2 small molecule inhibitor) did not meet its primary or secondary endpoints in

Tazeen Ahmad

phase 2b LUMA study for idiopathic early-stage Parkinson’s disease (PD). Development Research Analyst

in idiopathic Parkinsons’s patients will be discontinued. We note management has BofAS tazeen.ahmad@bofa.com

previously commented the most biologically-relevant patient sample will be LRRK2-

Daniel Giraldo

mutant Parkinson’s patients, rather than in idiopathic, for which DNLI will continue the Research Analyst

phase 2a BEACON study (1H27 readout expected). In our model, we only model breakout BofAS daniel.giraldoperez@bofa.com

value for the LRRK2-mutant Parkinson’s population, and we therefore make no changes Jeremiah Lorentz

to our estimates at this time. We maintain our Buy rating with $31 PO. Research Analyst

BofAS

LRRK2-specific Parkinson’s trial continues jeremiah.lorentz@bofa.com Wesley Yon

Although the LUMA study enrolled patients independent of underlying LRRK2 mutations, Research Analyst

exploratory biomarkers showed >90% kinase inhibition of peripheral LRRK2, and up to BofASwesley.yon@bofa.com

30% reduction in a LRRK2 activity biomarker in a study sub-population. We think this

target engagement data could indicate better efficacy in a patient population with

known pathogenic LRRK2 mutations. The BEACON study will enroll ~50 patients with