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

Denali Therapeutics Inc. (NASDAQ:DNLI - Get Free Report) 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 were traded during trading, a decline of 52% from the average session volume of 1,002,589 shares. The stock had previously closed at $16.69.

A number of other research firms have also weighed in on DNLI. JPMorgan Chase & Co. decreased their price target on Denali Therapeutics from $28.00 to $24.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. B. Riley reissued a "buy" rating and issued a $35.00 target price (down from $38.00) on shares of Denali Therapeutics in a research report on Wednesday, March 5th. HC Wainwright upped their price target on shares of Denali Therapeutics from $80.00 to $87.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Stifel Nicolaus upgraded shares of Denali Therapeutics from a "hold" rating to a "buy" rating and set a $37.00 price objective on the stock in a research report on Monday, December 16th. Finally, Oppenheimer cut their target price on shares of Denali Therapeutics from $50.00 to $42.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $37.20.

Remove Ads

Insiders Place Their Bets

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

Hedge Funds Weigh In On Denali Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC lifted its holdings in shares of Denali Therapeutics by 3,234.3% during the third quarter. FMR LLC now owns 7,831,378 shares of the company's stock valued at $228,128,000 after acquiring an additional 7,596,508 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Denali Therapeutics by 63.2% during the 3rd 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 purchasing an additional 1,451,770 shares during the last quarter. Norges Bank bought a new position in Denali Therapeutics during the 4th quarter valued at about $21,717,000. Wellington Management Group LLP grew its stake in 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 buying an additional 903,683 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Denali Therapeutics by 7.6% during the fourth quarter. Vanguard Group Inc. now owns 12,021,230 shares of the company's stock worth $244,993,000 after buying an additional 843,996 shares in the last quarter. Institutional investors own 92.92% of the company's stock.

Denali Therapeutics Trading Up 1.8 %

The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -5.50 and a beta of 1.46. The firm has a fifty day moving average price of $20.38 and a 200 day moving average price of $24.05.

Denali Therapeutics (NASDAQ:DNLI - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.67) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.08. As a group, equities analysts predict that Denali Therapeutics Inc. will post -2.71 EPS for the current fiscal 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.