Design Therapeutics (NASDAQ:DSGN) Shares Down 6.5% – Here’s Why

Design Therapeutics, Inc. (NASDAQ:DSGN) shares dropped 6.5% during trading on Thursday . The company traded as low as $9.29 and last traded at $9.1650. Approximately 15,529 shares changed hands during trading, a decline of 93% from the average daily volume of 220,607 shares. The stock had previously closed at $9.80.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Royal Bank Of Canada raised shares of 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 research note on Thursday, November 20th. Craig Hallum began 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 on the stock. Wall Street Zen lowered shares of Design Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Design Therapeutics in a research report on Wednesday, October 8th. Finally, Oppenheimer assumed coverage on Design Therapeutics in a research report on Wednesday, January 7th. They set an “outperform” rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Design Therapeutics Price Performance

The firm’s fifty day moving average is $9.04 and its 200 day moving average is $6.68. The firm has a market capitalization of $528.59 million, a price-to-earnings ratio of -7.80 and a beta of 1.63.

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

Institutional Investors Weigh In On Design Therapeutics

Several large investors have recently made changes to their positions in DSGN. Woodline Partners LP bought a new position in Design Therapeutics during the first quarter valued at approximately $2,492,000. RA Capital Management L.P. bought a new position in shares of Design Therapeutics during the 3rd quarter valued at $3,582,000. Bridgeway Capital Management LLC lifted its stake in shares of Design Therapeutics by 65.4% in the 2nd quarter. Bridgeway Capital Management LLC now owns 188,200 shares of the company’s stock valued at $634,000 after purchasing an additional 74,400 shares during the last quarter. Millennium Management LLC bought a new stake in Design Therapeutics in the third quarter worth $518,000. Finally, DLD Asset Management LP acquired a new position in Design Therapeutics during the third quarter worth $376,000. 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.