Design Therapeutics (NASDAQ:DSGN) Trading Down 4.5% – Here’s Why

Design Therapeutics, Inc. (NASDAQ:DSGN)’s stock price traded down 4.5% during mid-day trading on Wednesday . The company traded as low as $9.43 and last traded at $9.3540. 246,384 shares were traded during trading, an increase of 22% from the average session volume of 201,241 shares. The stock had previously closed at $9.79.

Analysts Set New Price Targets

DSGN has been the subject of several analyst reports. Leerink Partnrs upgraded Design Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. Wall Street Zen lowered shares of Design Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Design Therapeutics in a research note on Wednesday, October 8th. Royal Bank Of Canada raised shares of Design Therapeutics from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $6.00 to $13.00 in a report on Thursday, November 20th. Finally, Craig Hallum assumed coverage on shares of Design Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Design Therapeutics Price Performance

The firm has a market capitalization of $534.28 million, a PE ratio of -7.88 and a beta of 1.63. The business’s 50 day moving average is $8.46 and its two-hundred day moving average is $6.26.

Design Therapeutics (NASDAQ:DSGN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. Analysts expect that Design Therapeutics, Inc. will post -0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Design Therapeutics

Several hedge funds have recently added to or reduced their stakes in DSGN. Russell Investments Group Ltd. boosted its holdings in shares of Design Therapeutics by 69.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock worth $48,000 after purchasing an additional 2,618 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Design Therapeutics in the 2nd quarter worth approximately $43,000. Invesco Ltd. boosted its stake in Design Therapeutics by 26.8% in the second quarter. Invesco Ltd. now owns 14,364 shares of the company’s stock worth $48,000 after buying an additional 3,033 shares in the last quarter. Jane Street Group LLC bought a new position in Design Therapeutics during the first quarter valued at approximately $70,000. Finally, Velan Capital Investment Management LP grew its position in Design Therapeutics by 42.9% during the second quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company’s stock valued at $67,000 after acquiring an additional 6,000 shares during the last quarter. Institutional investors own 56.64% of the company’s stock.

Design Therapeutics Company Profile

Design Therapeutics, Inc a biopharmaceutical company, researches, designs, develops, and commercializes small molecule therapeutic drugs for the treatment of genetic diseases in the United States. The company utilizes its GeneTAC platform to design and develop therapeutic candidates for inherited diseases caused by nucleotide repeat expansion. Its lead product candidates for potentially disease-modifying treatment comprises Friedreich Ataxia, a monogenic, autosomal recessive, progressive multi-system disease that affects organ systems dependent on mitochondrial function that brings to neurological, cardiac, and metabolic dysfunction; Myotonic Dystrophy Type-1, a dominantly-inherited, monogenic progressive neuromuscular disease affecting skeletal muscle, heart, brain, and other organs; Fuchs Endothelial Corneal Dystrophy, a genetic eye disease characterized by bilateral degeneration of corneal endothelial cells and progressive loss of vision; and Huntington's Disease, a dominantly inherited, monogenic neurodegenerative disease characterized by movement, cognitive, and psychiatric disorders.