Design Therapeutics (NASDAQ:DSGN) Shares Gap Up – Here’s Why

Shares of Design Therapeutics, Inc. (NASDAQ:DSGN) gapped up prior to trading on Friday . The stock had previously closed at $10.13, but opened at $10.48. Design Therapeutics shares last traded at $10.10, with a volume of 9,741 shares changing hands.

Analyst Ratings Changes

DSGN has been the topic of several analyst reports. Wall Street Zen lowered shares of Design Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. Royal Bank Of Canada raised Design Therapeutics from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $6.00 to $13.00 in a report on Thursday, November 20th. Leerink Partners set a $14.00 price target on Design Therapeutics and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Design Therapeutics in a research report on Wednesday, January 21st. Finally, Oppenheimer began coverage on Design Therapeutics in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $18.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Design Therapeutics Stock Performance

The firm has a market cap of $581.56 million, a price-to-earnings ratio of -8.58 and a beta of 1.63. The business has a fifty day simple moving average of $9.55 and a 200-day simple moving average of $7.14.

Design Therapeutics (NASDAQ:DSGN) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.04. On average, equities analysts anticipate that Design Therapeutics, Inc. will post -0.91 earnings per share for the current year.

Hedge Funds Weigh In On Design Therapeutics

A number of hedge funds have recently modified their holdings of DSGN. Torren Management LLC bought a new position in shares of Design Therapeutics in the 4th quarter worth about $26,000. Russell Investments Group Ltd. raised its stake in Design Therapeutics by 69.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock worth $48,000 after buying an additional 2,618 shares during the period. Los Angeles Capital Management LLC acquired a new position in Design Therapeutics during the second quarter worth $43,000. Invesco Ltd. raised its stake in shares of 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 purchasing an additional 3,033 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Design Therapeutics in the 1st quarter worth $70,000. Institutional investors and hedge funds 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.