Design Therapeutics (NASDAQ:DSGN) Shares Down 7.6% – Here’s What Happened

Design Therapeutics, Inc. (NASDAQ:DSGN) dropped 7.6% during mid-day trading on Thursday . The company traded as low as $14.55 and last traded at $14.4390. Approximately 89,285 shares traded hands during trading, a decline of 74% from the average daily volume of 346,389 shares. The stock had previously closed at $15.62.

Wall Street Analyst Weigh In

DSGN has been the topic of a number of recent research reports. Cantor Fitzgerald assumed coverage on shares of Design Therapeutics in a report on Tuesday. They issued an “overweight” rating on the stock. Royal Bank Of Canada boosted their price target on Design Therapeutics from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 10th. Wall Street Zen upgraded Design Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, May 10th. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price objective on shares of Design Therapeutics in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group started coverage on Design Therapeutics in a research note on Monday, March 16th. They set a “buy” rating and a $15.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Design Therapeutics Trading Down 1.2%

The firm has a market capitalization of $897.55 million, a P/E ratio of -11.97 and a beta of 1.73. The business’s 50 day simple moving average is $12.17 and its two-hundred day simple moving average is $10.24.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Torren Management LLC bought a new position in shares of Design Therapeutics during the fourth quarter valued at $26,000. Russell Investments Group Ltd. increased its holdings in Design Therapeutics by 69.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock worth $48,000 after buying an additional 2,618 shares in the last quarter. Invesco Ltd. raised its position 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 buying an additional 3,033 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Design Therapeutics in the 4th quarter worth about $67,000. Finally, Jane Street Group LLC bought a new position in Design Therapeutics during the 1st quarter valued at 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. 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.