Principal Financial Group Inc. Cuts Stock Holdings in Denali Therapeutics Inc. (NASDAQ:DNLI)

Principal Financial Group Inc. trimmed its position in shares of Denali Therapeutics Inc. (NASDAQ:DNLI - Free Report) by 4.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,081,578 shares of the company's stock after selling 49,385 shares during the period. Principal Financial Group Inc. owned approximately 0.74% of Denali Therapeutics worth $14,704,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in DNLI. Norges Bank acquired a new stake in shares of Denali Therapeutics during the fourth quarter valued at about $21,717,000. Vanguard Group Inc. grew its stake 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 acquiring an additional 843,996 shares in the last quarter. Polar Asset Management Partners Inc. grew its stake in shares of Denali Therapeutics by 1,240.9% during the fourth quarter. Polar Asset Management Partners Inc. now owns 551,092 shares of the company's stock valued at $11,231,000 after acquiring an additional 509,992 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Denali Therapeutics by 822.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 416,074 shares of the company's stock valued at $8,480,000 after acquiring an additional 370,966 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Denali Therapeutics by 571.8% during the fourth quarter. Millennium Management LLC now owns 404,224 shares of the company's stock valued at $8,238,000 after acquiring an additional 344,056 shares in the last quarter. 92.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Robert W. Baird reduced their price target on shares of Denali Therapeutics from $30.00 to $29.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Cantor Fitzgerald raised shares of Denali Therapeutics from a "neutral" rating to an "overweight" rating in a research report on Thursday, April 10th. Bank of America reduced their price target on shares of Denali Therapeutics from $28.00 to $27.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. William Blair raised shares of Denali Therapeutics to a "strong-buy" rating in a report on Thursday, April 24th. Finally, Wedbush cut their target price on shares of Denali Therapeutics from $32.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Denali Therapeutics presently has an average rating of "Buy" and an average target price of $33.71.

Denali Therapeutics Stock Performance

NASDAQ DNLI traded down $0.48 during trading on Tuesday, hitting $14.21. 1,203,326 shares of the company's stock traded hands, compared to its average volume of 1,140,655. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -5.32 and a beta of 1.33. Denali Therapeutics Inc. has a 12-month low of $10.57 and a 12-month high of $33.33. The business has a 50 day moving average of $14.25 and a 200-day moving average of $16.54.

Denali Therapeutics (NASDAQ:DNLI - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.78) EPS for the quarter, missing analysts' consensus estimates of ($0.71) by ($0.07). During the same quarter last year, the company posted ($0.68) EPS. On average, analysts expect that Denali Therapeutics Inc. will post -2.71 EPS for the current year.

Insider Activity

In other Denali Therapeutics news, CEO Ryan J. Watts sold 495,282 shares of the business's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $15.00, for a total value of $7,429,230.00. Following the completion of the transaction, the chief executive officer owned 253,071 shares of the company's stock, valued at approximately $3,796,065. The trade was a 66.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.50% of the stock is currently owned by corporate insiders.

Denali Therapeutics Profile

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.