Design Therapeutics (NASDAQ:DSGN) Stock Price Up 8.9% – Here’s What Happened

Design Therapeutics, Inc. (NASDAQ:DSGN) traded up 8.9% during mid-day trading on Wednesday . The stock traded as high as $11.55 and last traded at $11.6790. 171,232 shares were traded during mid-day trading, a decline of 67% from the average session volume of 524,403 shares. The stock had previously closed at $10.72.

Analysts Set New Price Targets

DSGN has been the topic of a number of research analyst reports. Royal Bank Of Canada boosted their price target on Design Therapeutics from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, March 10th. Cantor Fitzgerald initiated coverage on Design Therapeutics in a report on Tuesday, May 12th. They set an “overweight” rating on the stock. Piper Sandler restated an “overweight” rating and set a $20.00 price target on shares of Design Therapeutics in a report on Wednesday, April 29th. Jefferies Financial Group initiated coverage on Design Therapeutics in a report on Monday, March 16th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Oppenheimer boosted their price target on Design Therapeutics from $18.00 to $21.00 and gave the company an “outperform” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

Design Therapeutics Stock Performance

The company has a 50-day simple moving average of $12.28 and a two-hundred day simple moving average of $10.78. The firm has a market capitalization of $734.47 million, a P/E ratio of -9.77 and a beta of 1.63.

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

Institutional Trading of Design Therapeutics

A number of hedge funds have recently made changes to their positions in DSGN. Woodline Partners LP bought a new stake in shares of Design Therapeutics in the 1st quarter worth approximately $2,492,000. Jane Street Group LLC purchased a new position in Design Therapeutics in the 1st quarter worth approximately $70,000. Strs Ohio purchased a new position in Design Therapeutics in the 1st quarter worth approximately $87,000. Geode Capital Management LLC raised its holdings in Design Therapeutics by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 794,008 shares of the company’s stock worth $2,676,000 after acquiring an additional 18,511 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Design Therapeutics by 26.8% in the 2nd quarter. Invesco Ltd. now owns 14,364 shares of the company’s stock worth $48,000 after acquiring an additional 3,033 shares during the last quarter. 56.64% of the stock is owned by institutional investors.

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.