Pier 88 Investment Partners LLC Acquires 29,400 Shares of Denali Therapeutics Inc. (NASDAQ:DNLI)

Pier 88 Investment Partners LLC raised its holdings in Denali Therapeutics Inc. (NASDAQ:DNLI - Free Report) by 73.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in shares of Denali Therapeutics by 48.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,486 shares of the company's stock worth $53,000 after purchasing an additional 807 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Denali Therapeutics by 5.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,403 shares of the company's stock valued at $613,000 after buying an additional 1,372 shares during the period. Assetmark Inc. lifted its position in shares of Denali Therapeutics by 65.3% during the 4th quarter. Assetmark Inc. now owns 3,550 shares of the company's stock valued at $76,000 after buying an additional 1,402 shares during the last quarter. Swiss National Bank grew its stake in shares of Denali Therapeutics by 0.7% during the 1st quarter. Swiss National Bank now owns 218,200 shares of the company's stock worth $4,477,000 after acquiring an additional 1,500 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Denali Therapeutics by 879.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,057 shares of the company's stock worth $48,000 after acquiring an additional 1,847 shares during the last quarter. 92.92% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Denali Therapeutics

In other news, Director Steve E. Krognes sold 30,000 shares of Denali Therapeutics stock in a transaction on Monday, July 1st. The shares were sold at an average price of $22.12, for a total transaction of $663,600.00. Following the completion of the sale, the director now directly owns 34,404 shares of the company's stock, valued at approximately $761,016.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.90% of the company's stock.

Denali Therapeutics Stock Performance

Shares of Denali Therapeutics stock remained flat at $25.25 during trading on Friday. 695,238 shares of the stock traded hands, compared to its average volume of 1,129,859. Denali Therapeutics Inc. has a 52-week low of $14.56 and a 52-week high of $25.90. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -26.30 and a beta of 1.37. The company's 50 day moving average price is $23.26 and its 200-day moving average price is $20.83.

Denali Therapeutics (NASDAQ:DNLI - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported ($0.59) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.09. The business had revenue of $1.00 million for the quarter, compared to analysts' expectations of $10.00 million. During the same quarter in the previous year, the firm earned $1.30 earnings per share. Denali Therapeutics's quarterly revenue was down 99.7% compared to the same quarter last year. On average, sell-side analysts expect that Denali Therapeutics Inc. will post -2.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.