Steve Krognes, a director at Denali Therapeutics Inc. (NASDAQ:DNLI), a $3.05 billion market cap biotech company with strong financial health indicators, recently sold shares in the company, according to a filing with the Securities and Exchange Commission. The company maintains a robust liquidity position with a current ratio of 9.98x, and according to InvestingPro analysis, holds more cash than debt on its balance sheet. On January 7, Krognes sold 3,339 shares of common stock at an average price of $20.81 per share, totaling approximately $69,484. This transaction was made to satisfy tax obligations related to the settlement of previously vested restricted stock units.
Following this sale, Krognes holds 25,757 shares directly, which includes 5,967 unvested restricted stock units. Additionally, Krognes indirectly owns 781,797 shares through The Steve Edward Krognes Revocable Trust.
In other recent news, Denali Therapeutics has made significant strides in its clinical trials and analyst ratings. The U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation to Denali's DNL310 for the treatment of Hunter Syndrome. Stifel analysts maintained a Buy rating on Denali's shares, emphasizing the potential of DNL310 to be a leading treatment in its class.
Meanwhile, Jefferies and BofA Securities also sustained their Buy ratings on the company, highlighting the potential approval of the Hunter Syndrome treatment in 2025. Baird initiated coverage on Denali with an Outperform rating, setting a price target of $31.00.
On the other hand, Denali's Phase II/III HEALEY trial for ALS treatment DNL343 did not meet its primary endpoint. This led H.C. Wainwright and BofA Securities to reduce their price targets for Denali, while maintaining a Buy rating.
Despite the trial outcomes, analysts remain optimistic about Denali's prospects, particularly due to its Transport Vesicle platform and the promising prospects of Tividenofusp alfa. The company plans to file a Biologics License Application for Tividenofusp alfa early this year, seeking accelerated approval. These are recent developments in the company's trajectory.
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