Design Therapeutics (NASDAQ:DSGN) Stock Price Down 5.4% – Here’s What Happened

Design Therapeutics, Inc. (NASDAQ:DSGN) shares dropped 5.4% on Monday . The company traded as low as $14.90 and last traded at $14.79. 306,622 shares traded hands during trading, a decline of 48% from the average session volume of 585,822 shares. The stock had previously closed at $15.64.

Analyst Ratings Changes

Several brokerages have recently commented on DSGN. Wall Street Zen upgraded shares of Design Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price on shares of Design Therapeutics in a research report on Wednesday, April 29th. Cantor Fitzgerald initiated coverage on Design Therapeutics in a research note on Tuesday, May 12th. They set an “overweight” rating on the stock. Oppenheimer raised their price target on Design Therapeutics from $18.00 to $21.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Finally, Jefferies Financial Group started coverage on Design Therapeutics in a report on Monday, March 16th. They issued a “buy” rating and a $15.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Design Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Design Therapeutics Stock Performance

The company’s 50-day simple moving average is $12.57 and its 200 day simple moving average is $11.18. The company has a market cap of $915.66 million, a PE ratio of -12.23 and a beta of 1.58.

Design Therapeutics (NASDAQ:DSGN) last announced its quarterly earnings data on Tuesday, April 28th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.07. Analysts forecast that Design Therapeutics, Inc. will post -1.36 EPS for the current year.

Hedge Funds Weigh In On Design Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Elmind Capital LP purchased a new position in Design Therapeutics in the fourth quarter worth approximately $1,950,000. DLD Asset Management LP purchased a new stake in shares of Design Therapeutics in the 3rd quarter valued at approximately $376,000. Baker BROS. Advisors LP raised its holdings in shares of Design Therapeutics by 30.4% in the 4th quarter. Baker BROS. Advisors LP now owns 2,233,099 shares of the company’s stock valued at $20,946,000 after purchasing an additional 520,217 shares in the last quarter. Kennedy Capital Management LLC lifted its position in shares of Design Therapeutics by 95.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 29,411 shares of the company’s stock worth $221,000 after purchasing an additional 14,401 shares during the last quarter. Finally, AlphaCentric Advisors LLC purchased a new stake in shares of Design Therapeutics during the 4th quarter worth $190,000. 56.64% of the stock is owned by institutional investors and hedge funds.

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.