Design Therapeutics (NASDAQ:DSGN) Stock Price Up 6.7% on Analyst Upgrade

Design Therapeutics, Inc. (NASDAQ:DSGN)’s stock price traded up 6.7% during mid-day trading on Wednesday after Royal Bank Of Canada raised their price target on the stock from $13.00 to $14.00. Royal Bank Of Canada currently has an outperform rating on the stock. Design Therapeutics traded as high as $10.53 and last traded at $10.66. 35,267 shares traded hands during trading, a decline of 85% from the average session volume of 242,182 shares. The stock had previously closed at $9.99.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Design Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Craig Hallum started coverage on shares of Design Therapeutics in a research note on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Design Therapeutics in a research report on Wednesday, January 21st. Leerink Partners set a $14.00 target price on shares of Design Therapeutics and gave the company an “outperform” rating in a research note on Wednesday, December 3rd. Finally, Oppenheimer started coverage on shares of Design Therapeutics in a report on Wednesday, January 7th. They issued an “outperform” rating and a $18.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Design Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $15.25.

Institutional Investors Weigh In On Design Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LLC purchased a new position in Design Therapeutics during the fourth quarter valued at $253,000. Virtu Financial LLC purchased a new position in shares of Design Therapeutics during the fourth quarter valued at about $212,000. Invesco Ltd. increased its holdings in shares of Design Therapeutics by 1,995.8% in the fourth quarter. Invesco Ltd. now owns 305,757 shares of the company’s stock worth $2,868,000 after purchasing an additional 291,168 shares during the last quarter. XTX Topco Ltd increased its holdings in shares of Design Therapeutics by 197.3% in the fourth quarter. XTX Topco Ltd now owns 35,284 shares of the company’s stock worth $331,000 after purchasing an additional 23,416 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Design Therapeutics by 162.8% in the fourth quarter. Millennium Management LLC now owns 180,866 shares of the company’s stock worth $1,697,000 after buying an additional 112,043 shares in the last quarter. Institutional investors own 56.64% of the company’s stock.

Design Therapeutics Price Performance

The business has a 50-day moving average of $9.99 and a 200 day moving average of $8.27. The company has a market capitalization of $570.17 million, a PE ratio of -8.20 and a beta of 1.63.

Design Therapeutics (NASDAQ:DSGN) last released its quarterly earnings results on Monday, March 9th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.11. As a group, research analysts anticipate that Design Therapeutics, Inc. will post -0.91 EPS for the current year.

About Design Therapeutics

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.