Denali Therapeutics: Diranersen phase 2 data to inform optimal tau targeting for DNL628; Reiterate Buy

研报英文原文证据摘录

Denali Therapeutics: Diranersen phase 2 data to inform optimal tau targeting for DNL628; Reiterate Buy

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Denali Therapeutics

Diranersen phase 2 data to inform optimal

tau targeting for DNL628; Reiterate Buy

Maintain Rating: BUY | PO: 31.00 USD | Price: 22.65 USD

Diranersen shows early validation for tau targeting in AD 14 July 2026

Biogen reported detailed data from their phase 2 CELIA study evaluating intrathecally Equity

administered diranersen (BIIB080, tau-targeting ASO) in early Alzheimer’s disease (AD)

Tazeen Ahmad

at the AAIC conference. Despite missing the primary endpoint of dose response on CDR- Research Analyst

SB, Biogen will continue to advance diranersen to phase 3 development based on tau BofAS tazeen.ahmad@bofa.com

reduction and cognitive benefit. Mean CSF tau reductions of 50-65% from baseline were

Daniel Giraldo

observed across all dose levels, correlating to CDR-SB improvement of 26% at lowest Research Analyst

dose cohort. We think the updated diranersen data validated tau targeting in AD by BofAS daniel.giraldoperez@bofa.com

establishing the first correlation between tau reduction and cognition improvement,

Jeremiah Lorentz

which could help inform the clinical development for DNLI’s DNL628 as well as setting Research Analyst

the precedent for the potential optimal tau-reduction levels for best clinical outcomes. BofASjeremiah.lorentz@bofa.com

We currently do not have standalone valuation for DNL628 in our model and see the Wesley Yon

phase 1b data update in 1H27 as an opportunity for potential upside. We maintain our Research Analyst

Buy rating with $31 PO and see today’s selloff as a particularly attractive entry point. BofASwesley.yon@bofa.com

DNL628 could differentiate in biodistribution & safety AmyResearchQianAnalyst