Oppenheimer analyst Jay Olson raised the price target on Denali Therapeutics Inc. (NASDAQ: DNLI) to $40.00 (from $35.00) while maintaining a Outperform rating.

The analyst commented, "The FDA approved Avlayah (tividenofusp alfa, label here) ahead of its 4/5 PDUFA for Hunter syndrome. While we had suspected that an approval might come before the PDUFA following the review delay, we're nonetheless encouraged by this early approval which further supports the strength of tivi's dataset, especially amid recent regulatory headlines across the industry. In addition, the FDA also granted DNLI a PRV in connection with the approval. Taking a step further, tivi's approval not only represents the first FDA approval of a TfR conjugate therapeutic, but also further validates DNLI's streamlined development approach for its ETV franchise."