Denali Therapeutics (NASDAQ:DNLI) Shares Down 3.8% Following Analyst Downgrade

Denali Therapeutics Inc. (NASDAQ:DNLI)’s stock price traded down 3.8% on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $29.00 to $28.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Denali Therapeutics traded as low as $26.95 and last traded at $26.95. 322,630 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 1,106,093 shares. The stock had previously closed at $28.00.

Other analysts have also recently issued research reports about the stock. HC Wainwright restated a “buy” rating and set a $90.00 target price on shares of Denali Therapeutics in a report on Wednesday, September 4th. Bank of America boosted their target price on shares of Denali Therapeutics from $25.00 to $29.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Cantor Fitzgerald cut shares of Denali Therapeutics from an “overweight” rating to a “neutral” rating in a report on Monday, October 7th. Citigroup boosted their target price on shares of Denali Therapeutics from $26.00 to $32.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Wedbush dropped their target price 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. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.22.

Insider Transactions at Denali Therapeutics

In other news, Director Steve E. Krognes sold 30,000 shares of Denali Therapeutics stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $29.03, for a total value of $870,900.00. Following the completion of the transaction, the director now owns 29,096 shares of the company’s stock, valued at $844,656.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Denali Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Creative Planning raised its position in Denali Therapeutics by 40.0% in the 3rd quarter. Creative Planning now owns 60,254 shares of the company’s stock worth $1,755,000 after buying an additional 17,221 shares during the last quarter. CWM LLC raised its position in Denali Therapeutics by 43.6% in the 3rd quarter. CWM LLC now owns 2,153 shares of the company’s stock worth $63,000 after buying an additional 654 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Denali Therapeutics in the 2nd quarter worth about $194,000. Dana Investment Advisors Inc. raised its position in Denali Therapeutics by 19.2% in the 2nd quarter. Dana Investment Advisors Inc. now owns 34,269 shares of the company’s stock worth $796,000 after buying an additional 5,513 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC raised its position in Denali Therapeutics by 5.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 222,917 shares of the company’s stock worth $5,176,000 after buying an additional 11,900 shares during the last quarter. Hedge funds and other institutional investors own 92.92% of the company’s stock.

Denali Therapeutics Stock Performance

The firm has a market cap of $3.83 billion, a PE ratio of -27.95 and a beta of 1.38. The stock has a 50-day simple moving average of $26.35 and a two-hundred day simple moving average of $22.37.

Denali Therapeutics (NASDAQ:DNLI) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.59) EPS for the quarter, beating 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 period in the previous year, the company earned $1.30 EPS. Denali Therapeutics’s revenue for the quarter was down 99.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Denali Therapeutics Inc. will post -2.54 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.