Pier 88 Investment Partners LLC Has $1.61 Million Stock Position in Denali Therapeutics Inc. (NASDAQ:DNLI)

Pier 88 Investment Partners LLC lifted its holdings in Denali Therapeutics Inc. (NASDAQ:DNLI) by 73.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,370 shares of the company’s stock after purchasing an additional 29,400 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Denali Therapeutics were worth $1,611,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Letko Brosseau & Associates Inc. acquired a new stake in shares of Denali Therapeutics in the second quarter valued at about $264,000. Candriam S.C.A. raised its stake in shares of Denali Therapeutics by 62.2% during the 2nd quarter. Candriam S.C.A. now owns 726,499 shares of the company’s stock worth $16,869,000 after purchasing an additional 278,621 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Denali Therapeutics by 9.0% in the 2nd quarter. Arizona State Retirement System now owns 33,114 shares of the company’s stock valued at $769,000 after buying an additional 2,730 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Denali Therapeutics by 4.5% in the second quarter. TD Asset Management Inc now owns 179,152 shares of the company’s stock valued at $4,160,000 after buying an additional 7,766 shares in the last quarter. Finally, Rhumbline Advisers raised its position in Denali Therapeutics by 13.3% during the second quarter. Rhumbline Advisers now owns 194,859 shares of the company’s stock worth $4,525,000 after acquiring an additional 22,900 shares in the last quarter. Institutional investors and hedge funds own 92.92% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on DNLI shares. JPMorgan Chase & Co. boosted their price objective on shares of Denali Therapeutics from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. HC Wainwright reaffirmed a “buy” rating and set a $90.00 price target on shares of Denali Therapeutics in a report on Wednesday. Wedbush decreased their price objective on shares of Denali Therapeutics from $30.00 to $26.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Citigroup raised their target price on shares of Denali Therapeutics from $26.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Bank of America increased their price target on shares of Denali Therapeutics from $25.00 to $29.00 and gave the company a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $38.33.

Denali Therapeutics Stock Performance

NASDAQ DNLI opened at $25.25 on Friday. Denali Therapeutics Inc. has a 1 year low of $14.56 and a 1 year high of $25.90. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of -26.30 and a beta of 1.37. The firm’s 50 day simple moving average is $23.26 and its 200 day simple moving average is $20.80.

Denali Therapeutics (NASDAQ:DNLI) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.59) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.09. The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $10.00 million. The company’s revenue for the quarter was down 99.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.30 EPS. On average, equities research analysts forecast that Denali Therapeutics Inc. will post -2.54 earnings per share for the current year.

Insider Transactions at Denali Therapeutics

In related news, Director Steve E. Krognes sold 30,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $22.12, for a total value of $663,600.00. Following the completion of the sale, the director now directly owns 34,404 shares in the company, valued at $761,016.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 7.90% of the stock is owned by company insiders.

Denali Therapeutics Profile

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.