Design Therapeutics (NASDAQ:DSGN) Hits New 12-Month High – Here’s Why

Design Therapeutics, Inc. (NASDAQ:DSGN) shares hit a new 52-week high on Monday . The stock traded as high as $8.86 and last traded at $8.8250, with a volume of 69353 shares changing hands. The stock had previously closed at $8.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada raised shares of Design Therapeutics from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $6.00 to $13.00 in a report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Design Therapeutics in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Design Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Design Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $13.00.

Design Therapeutics Stock Performance

The company has a 50-day simple moving average of $6.63 and a two-hundred day simple moving average of $5.13. The firm has a market capitalization of $492.13 million, a P/E ratio of -7.26 and a beta of 1.67.

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

Hedge Funds Weigh In On Design Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in DSGN. Los Angeles Capital Management LLC bought a new stake in shares of Design Therapeutics during the 2nd quarter valued at $43,000. Russell Investments Group Ltd. lifted its position in Design Therapeutics by 69.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock valued at $48,000 after acquiring an additional 2,618 shares during the period. Invesco Ltd. lifted its position in Design Therapeutics by 26.8% during the 2nd quarter. Invesco Ltd. now owns 14,364 shares of the company’s stock valued at $48,000 after acquiring an additional 3,033 shares during the period. Velan Capital Investment Management LP bought a new stake in Design Therapeutics during the first quarter worth about $54,000. Finally, Jane Street Group LLC purchased a new stake in Design Therapeutics in the first quarter worth about $70,000. Hedge funds and other 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.