Denali Therapeutics (NASDAQ:DNLI) Shares Gap Down After Analyst Downgrade

Denali Therapeutics Inc. (NASDAQ:DNLI) gapped down prior to trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $28.00 to $24.00. The stock had previously closed at $19.82, but opened at $18.75. JPMorgan Chase & Co. currently has an overweight rating on the stock. Denali Therapeutics shares last traded at $20.91, with a volume of 193,497 shares.

Several other research firms have also recently weighed in on DNLI. Stifel Nicolaus upgraded Denali Therapeutics from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Monday, December 16th. Robert W. Baird assumed coverage on shares of Denali Therapeutics in a research note on Tuesday. They set an “outperform” rating and a $31.00 target price on the stock. William Blair began coverage on shares of Denali Therapeutics in a research note on Friday, January 3rd. They issued an “outperform” rating for the company. Raymond James restated a “market perform” rating on shares of Denali Therapeutics in a report on Thursday, October 10th. Finally, Cantor Fitzgerald lowered shares of Denali Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.91.

Insiders Place Their Bets

In other Denali Therapeutics news, Director Vicki L. Sato sold 3,080 shares of the company’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 completion of the transaction, the director now directly owns 107,976 shares in the company, valued at $2,257,778.16. This represents a 2.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Alexander O. Schuth sold 15,558 shares of Denali Therapeutics stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $29.91, for a total transaction of $465,339.78. Following the sale, the insider now owns 178,066 shares in the company, valued at approximately $5,325,954.06. The trade was a 8.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,658 shares of company stock worth $1,667,943. Company insiders own 7.90% of the company’s stock.

Institutional Investors Weigh In On Denali Therapeutics

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in Denali Therapeutics by 6.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 235,386 shares of the company’s stock valued at $6,857,000 after buying an additional 14,324 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Denali Therapeutics by 13.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,238,476 shares of the company’s stock valued at $36,076,000 after acquiring an additional 149,939 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Denali Therapeutics by 3.8% in the third quarter. Franklin Resources Inc. now owns 80,041 shares of the company’s stock valued at $2,148,000 after purchasing an additional 2,901 shares in the last quarter. Barclays PLC increased its position in Denali Therapeutics by 101.4% in the third quarter. Barclays PLC now owns 255,883 shares of the company’s stock worth $7,454,000 after purchasing an additional 128,823 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. purchased a new stake in Denali Therapeutics during the third quarter valued at $1,894,000. 92.92% of the stock is owned by institutional investors.

Denali Therapeutics Price Performance

The firm has a market cap of $3.05 billion, a P/E ratio of -7.67 and a beta of 1.39. The company’s 50-day simple moving average is $24.34 and its 200 day simple moving average is $24.88.

Denali Therapeutics (NASDAQ:DNLI) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.03). During the same quarter in the previous year, the company earned ($0.72) EPS. Analysts anticipate 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.