Bank of America Corp DE Buys New Position in Denali Therapeutics Inc. $DNLI

Key Points

• Bank of America acquired 1.23 million Denali Therapeutics shares worth approximately $31.7 million, representing 0.77% of the company. Institutional investors now own 92.92% of DNLI.
• Analysts maintain a generally positive outlook, with 13 Buy, two Hold and one Sell rating. The stock has a “Moderate Buy” consensus and an average price target of $35.85.
• Denali reported a quarterly loss of $0.68 per share, missing estimates by $0.17, although revenue of $3.60 million exceeded expectations. The biotechnology company is developing treatments for neurodegenerative diseases using blood-brain barrier transport technologies.

Bank of America Corp DE bought a new stake in shares of Denali Therapeutics Inc. (NASDAQ:DNLI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,230,957 shares of the company's stock, valued at approximately $31,660,000. Bank of America Corp DE owned 0.77% of Denali Therapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Denali Therapeutics in the second quarter worth approximately $26,000. Global Retirement Partners LLC acquired a new position in shares of Denali Therapeutics during the 2nd quarter valued at $28,000. Allworth Financial LP acquired a new position in shares of Denali Therapeutics during the 2nd quarter valued at $47,000. Fifth Third Bancorp bought a new stake in shares of Denali Therapeutics in the 1st quarter worth $55,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Denali Therapeutics in the 4th quarter worth $83,000. 92.92% of the stock is currently owned by institutional investors.

Insider Transactions at Denali Therapeutics

In other Denali Therapeutics news, insider Alexander O. Schuth sold 2,768 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $23.44, for a total value of $64,881.92. Following the completion of the sale, the insider owned 278,995 shares in the company, valued at $6,539,642.80. This represents a 0.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 9.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on DNLI shares. Stifel Nicolaus set a $41.00 price target on shares of Denali Therapeutics in a research report on Monday, June 22nd. Wedbush restated an "outperform" rating and set a $26.00 price objective on shares of Denali Therapeutics in a research report on Monday, July 13th. B. Riley Financial lifted their price objective on shares of Denali Therapeutics from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, August 25th. Robert W. Baird set a $34.00 target price on shares of Denali Therapeutics in a report on Friday, August 7th. Finally, Sanford C. Bernstein reissued a "hold" rating on shares of Denali Therapeutics in a research note on Monday, June 22nd. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Denali Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $35.85.

Denali Therapeutics Trading Up 5.5%

Shares of NASDAQ DNLI opened at $21.60 on Wednesday. The company has a current ratio of 8.37, a quick ratio of 8.32 and a debt-to-equity ratio of 0.01. Denali Therapeutics Inc. has a one year low of $12.78 and a one year high of $27.30. The business has a 50-day moving average price of $23.28 and a two-hundred day moving average price of $21.89. The firm has a market capitalization of $3.45 billion, a PE ratio of -7.61 and a beta of 1.01.

Denali Therapeutics (NASDAQ:DNLI - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.68) earnings per share for the quarter, missing analysts' consensus estimates of ($0.51) by ($0.17). The firm 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 company earned ($0.72) EPS. As a group, analysts predict that Denali Therapeutics Inc. will post -2.67 earnings per share for the current fiscal year.

Denali Therapeutics Profile

Denali Therapeutics Inc is a biotechnology company focused on discovering and developing medicines for patients with neurodegenerative diseases. The company is headquartered in South San Francisco, California, and was founded in 2013 by a team that included Chief Executive Officer Ryan Watts.

Denali's research is built around its blood-brain barrier transport technologies, which are designed to help therapeutic molecules reach the brain. The company applies these technologies to potential treatments for conditions including Parkinson's disease, Alzheimer's disease, amyotrophic lateral sclerosis, lysosomal storage disorders and other neurodegenerative diseases.

Its pipeline has included investigational therapies directed at targets such as LRRK2, TREM2 and RIPK1, as well as enzyme-replacement approaches intended to improve delivery of treatments to the central nervous system.

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