Denali Therapeutics (NASDAQ:DNLI) Trading Down 7.7% – Here’s What Happened

Shares of Denali Therapeutics Inc. (NASDAQ:DNLI) dropped 7.7% during mid-day trading on Monday . The company traded as low as $13.53 and last traded at $13.64. Approximately 1,207,513 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 1,025,854 shares. The stock had previously closed at $14.78.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Morgan Stanley started coverage on shares of Denali Therapeutics in a research report on Friday, March 7th. They set an “overweight” rating and a $33.00 target price on the stock. Bank of America dropped their price target on shares of Denali Therapeutics from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Robert W. Baird initiated 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 on the stock. Oppenheimer decreased their target price on Denali Therapeutics from $50.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. lowered their price objective on Denali Therapeutics from $28.00 to $24.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Denali Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $37.20.

Denali Therapeutics Trading Down 9.3 %

The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -4.90 and a beta of 1.46. The company has a 50 day moving average price of $19.05 and a 200 day moving average price of $23.21.

Denali Therapeutics (NASDAQ:DNLI) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.67) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.08. Equities analysts predict that Denali Therapeutics Inc. will post -2.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, 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 sale, the chief executive officer now directly owns 260,721 shares in the company, valued at $5,271,778.62. This represents a 10.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Vicki L. Sato sold 3,080 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $20.91, for a total value of $64,402.80. Following the sale, the director now directly owns 107,976 shares of the company’s stock, valued at $2,257,778.16. This represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,940 shares of company stock worth $973,442 in the last quarter. 7.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Denali Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position 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 valued at $244,993,000 after buying an additional 843,996 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Denali Therapeutics by 9.2% in the 3rd 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. FMR LLC lifted its position in shares of Denali Therapeutics by 2.4% during the fourth quarter. FMR LLC now owns 8,019,746 shares of the company’s stock valued at $163,442,000 after purchasing an additional 188,368 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Denali Therapeutics by 63.2% during 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 worth $109,223,000 after purchasing an additional 1,451,770 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Denali Therapeutics by 8.8% in the 4th quarter. Alliancebernstein L.P. now owns 3,315,642 shares of the company’s stock worth $67,573,000 after purchasing an additional 268,378 shares in the last quarter. 92.92% of the stock is owned by institutional investors.

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.