Lucid files for 1-for-10 reverse stock split requiring shareholder approval
Steve Krognes, a director at Denali Therapeutics Inc. (NASDAQ:DNLI), has sold 30,000 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The shares were sold at an average price of $20.25, totaling approximately $607,500. The stock currently trades at $21.26, slightly above the transaction price. This transaction was conducted under a Rule 10b5-1 trading plan, which Krognes adopted on December 1, 2023. According to InvestingPro data, analysts maintain a strong buy consensus on DNLI, with price targets ranging from $28 to $90.
Following the sale, Krognes holds 29,096 shares directly. Additionally, he has indirect ownership of 781,797 shares through the Steve Edward Krognes Revocable Trust, where he serves as a trustee. The filing also notes that the direct holdings include 13,467 unvested restricted stock units (RSUs).
Denali Therapeutics, headquartered in South San Francisco, is a biopharmaceutical company focused on developing therapies for neurodegenerative diseases.
In other recent news, Denali Therapeutics has seen significant advancements in its drug development programs. The biotechnology firm's financial health has been positively evaluated, with Stifel upgrading the company to a Buy rating. The company also received other analyst upgrades, with BofA Securities raising Denali's target to $34 and Jefferies increasing its target to $45, both maintaining a Buy rating.
The company has also updated its bylaws to align with recent Delaware law developments and SEC regulations, enhancing its corporate governance. Denali's DNL-126 drug, aimed at treating Sanfilippo Type A, has secured the FDA's START orphan designation, potentially accelerating regulatory discussions.
However, the company has halted its K2 Phase 2 study of oditrasertib for multiple sclerosis due to failure to meet primary and key secondary endpoints. Despite this setback, the company's commitment to research and development efforts remains steadfast. These recent developments highlight Denali Therapeutics' continuous efforts in advancing its drug development programs.
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