DNLI - Why Shares of Denali Therapeutics Are Up Monday
2023-05-15 16:31:43 ET
Shares of Denali Therapeutics (NASDAQ: DNLI) were up more than 14% Monday afternoon. The company reported first-quarter earnings a week ago, and three analysts recently maintained their buy ratings on the clinical-stage biotech company, which focuses on therapies that cross the blood-brain barrier to treat neurodegenerative and lysosomal storage diseases. The stock is up more than 15% so far this year.
Analysts Andrew Fein of H.C. Wainwright, Berenberg Bank's Caroline Palomeque, and Wedbush's Laura Chio all maintained their buy ratings for Denaii, despite a so-so earnings report early last week.
The company announced earnings on May 8, and revenue, all from collaboration, was a reported $35 million, down 19.9% year over year, while the company had a loss of $109.8 million, or an earnings per share ( EPS ) loss of $0.80, compared to a loss of $65.3 million, or an EPS loss of $0.53 in the same period a year ago. Denali has a strong cash position of $1.29 billion, compared with $1.34 billion in the previous quarter.
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Why Shares of Denali Therapeutics Are Up Monday