Denali Therapeutics (NASDAQ:DNLI) Trading Down 8.9% Following Analyst Downgrade

Denali Therapeutics Inc. (NASDAQ:DNLI) shares fell 8.9% during mid-day trading on Monday after Bank of America lowered their price target on the stock from $30.00 to $28.00. Bank of America currently has a buy rating on the stock. Denali Therapeutics traded as low as $15.16 and last traded at $15.20. 480,547 shares traded hands during trading, a decline of 52% from the average session volume of 1,002,589 shares. The stock had previously closed at $16.69.

DNLI has been the topic of a number of other reports. B. Riley reaffirmed a “buy” rating and set a $35.00 price objective (down from $38.00) on shares of Denali Therapeutics in a report on Wednesday, March 5th. Robert W. Baird assumed coverage on shares of Denali Therapeutics in a research note on Tuesday, January 7th. They issued an “outperform” rating and a $31.00 target price for the company. Morgan Stanley started coverage on Denali Therapeutics in a report on Friday. They issued an “overweight” rating and a $33.00 target price on the stock. Oppenheimer dropped their price target on Denali Therapeutics from $50.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Denali Therapeutics in a report on Tuesday, February 11th. They set a “buy” rating and a $31.00 target price on the stock. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.20.

Insider Buying and Selling

In related news, Director Vicki L. Sato sold 3,080 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $20.91, for a total value of $64,402.80. Following the completion of the sale, the director now owns 107,976 shares in the company, valued at approximately $2,257,778.16. This represents a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ryan J. Watts sold 29,266 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $20.22, for a total value of $591,758.52. Following the completion of the transaction, the chief executive officer now directly owns 260,721 shares in the company, valued at $5,271,778.62. The trade was a 10.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,940 shares of company stock valued at $973,442 over the last ninety days. Insiders own 7.90% of the company’s stock.

Hedge Funds Weigh In On Denali Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Denali Therapeutics by 3,234.3% during the 3rd quarter. FMR LLC now owns 7,831,378 shares of the company’s stock valued at $228,128,000 after purchasing an additional 7,596,508 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Denali Therapeutics by 63.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,749,486 shares of the company’s stock valued at $109,223,000 after buying an additional 1,451,770 shares in the last quarter. Norges Bank acquired a new position in shares of Denali Therapeutics in the fourth quarter valued at approximately $21,717,000. Wellington Management Group LLP increased its position in shares of Denali Therapeutics by 9.2% during the third quarter. Wellington Management Group LLP now owns 10,727,450 shares of the company’s stock worth $312,491,000 after acquiring an additional 903,683 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Denali Therapeutics by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 12,021,230 shares of the company’s stock valued at $244,993,000 after acquiring an additional 843,996 shares in the last quarter. Institutional investors and hedge funds own 92.92% of the company’s stock.

Denali Therapeutics Trading Down 10.4 %

The stock’s 50 day moving average is $20.80 and its two-hundred day moving average is $24.30. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of -5.42 and a beta of 1.46.

Denali Therapeutics (NASDAQ:DNLI) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.67) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.08. On average, research analysts anticipate that Denali Therapeutics Inc. will post -2.71 earnings per share for the current year.

About Denali Therapeutics

Denali Therapeutics Inc, a biopharmaceutical company, develops a portfolio of product candidates engineered to cross the blood-brain barrier for neurodegenerative diseases and lysosomal storage diseases in the United States. The company’s transport vehicle (TV)-enabled programs include DNL310 ETV, an IDS enzyme replacement therapy program for MPS II; TAK-594/DNL593 which is in Phase 1/II for frontotemporal dementia-granulin; DNL126 program for MPS IIIA; and DNL622 for MPS I, as well as other preclinical programs that target amyloid beta and HER2.