Bank of America Corp DE Boosts Stock Position in Denali Therapeutics Inc. $DNLI

Key Points

• Bank of America increased its Denali Therapeutics stake by 21.7% in the first quarter, purchasing 202,039 additional shares to hold 1.13 million shares worth approximately $21.8 million. Institutional investors collectively own 92.92% of DNLI.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” from 16 analysts and an average price target of $35.92, compared with the stock’s reported price of $24.31.
• Denali reported a quarterly loss of $0.68 per share, missing estimates by $0.17, although revenue of $3.60 million exceeded expectations. The clinical-stage biotech is developing treatments for neurodegenerative diseases, including Alzheimer’s and Parkinson’s.

Bank of America Corp DE lifted its stake in Denali Therapeutics Inc. (NASDAQ:DNLI - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,134,183 shares of the company's stock after purchasing an additional 202,039 shares during the quarter. Bank of America Corp DE owned about 0.71% of Denali Therapeutics worth $21,776,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DNLI. State of Wyoming increased its position in shares of Denali Therapeutics by 24.7% during the 4th quarter. State of Wyoming now owns 2,686 shares of the company's stock worth $44,000 after purchasing an additional 532 shares during the last quarter. Intrust Bank NA raised its stake in shares of Denali Therapeutics by 5.6% in the 4th quarter. Intrust Bank NA now owns 11,164 shares of the company's stock valued at $184,000 after acquiring an additional 589 shares during the period. ADAR1 Capital Management LLC raised its stake in shares of Denali Therapeutics by 1.2% in the 4th quarter. ADAR1 Capital Management LLC now owns 52,116 shares of the company's stock valued at $860,000 after acquiring an additional 600 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Denali Therapeutics by 8.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,220 shares of the company's stock worth $177,000 after acquiring an additional 739 shares during the last quarter. Finally, Pier 88 Investment Partners LLC lifted its holdings in shares of Denali Therapeutics by 1.1% in the 4th quarter. Pier 88 Investment Partners LLC now owns 68,200 shares of the company's stock worth $1,126,000 after acquiring an additional 760 shares during the last quarter. Institutional investors and hedge funds own 92.92% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of Denali Therapeutics in a research note on Monday, July 13th. They set an "overweight" rating and a $29.00 target price on the stock. Sanford C. Bernstein reiterated a "hold" rating on shares of Denali Therapeutics in a report on Monday, June 22nd. Leerink Partners lowered their target price on Denali Therapeutics from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. Morgan Stanley raised their target price on shares of Denali Therapeutics from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Finally, Wedbush reissued an "outperform" rating and issued a $26.00 price objective on shares of Denali Therapeutics in a research report on Monday, July 13th. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.92.

Denali Therapeutics Trading Down 0.2%

NASDAQ:DNLI opened at $24.31 on Wednesday. The stock's 50 day moving average price is $24.21 and its 200 day moving average price is $21.53. The company has a market capitalization of $3.89 billion, a PE ratio of -8.56 and a beta of 1.01. The company has a quick ratio of 8.32, a current ratio of 8.37 and a debt-to-equity ratio of 0.01. Denali Therapeutics Inc. has a 52-week low of $12.58 and a 52-week high of $27.30.

Denali Therapeutics (NASDAQ:DNLI - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.17). The business had revenue of $3.60 million during the quarter, compared to the consensus estimate of $2.15 million. During the same quarter last year, the business posted ($0.72) earnings per share. On average, research analysts anticipate that Denali Therapeutics Inc. will post -2.59 EPS for the current year.

Insider Activity

In other news, insider Alexander O. Schuth sold 2,857 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $25.07, for a total transaction of $71,624.99. Following the transaction, the insider directly owned 281,763 shares in the company, valued at $7,063,798.41. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 9.70% of the stock is currently owned by company insiders.

Denali Therapeutics Company Profile

Denali Therapeutics is a clinical‐stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases. The company's research leverages a proprietary Blood–Brain Barrier Transport Vehicle (TV) platform designed to enable large molecules, including antibodies and enzymes, to penetrate the central nervous system. Denali's approach includes small molecules, monoclonal antibodies and gene therapy candidates aimed at key drivers of disorders such as Alzheimer's disease, Parkinson's disease, amyotrophic lateral sclerosis (ALS) and frontotemporal dementia.

Among Denali's lead programs is an orally delivered leucine‐rich repeat kinase 2 (LRRK2) inhibitor for Parkinson's disease, and an anti‐TREM2 antibody designed to modulate microglial activity in Alzheimer's patients.

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