Design Therapeutics (NASDAQ:DSGN) Stock Price Down 4.5% – Here’s What Happened

Design Therapeutics, Inc. (NASDAQ:DSGN)’s stock price dropped 4.5% on Wednesday . The company traded as low as $9.52 and last traded at $9.19. Approximately 2,923 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 179,547 shares. The stock had previously closed at $9.62.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DSGN. Royal Bank Of Canada upgraded Design Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $6.00 to $13.00 in a research note on Thursday, November 20th. Leerink Partners set a $14.00 target price on shares of Design Therapeutics and gave the company an “outperform” rating in a research note on Wednesday, December 3rd. Leerink Partnrs raised shares of Design Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Design Therapeutics in a report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Design Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.00.

Design Therapeutics Trading Down 3.0%

The company has a 50-day moving average price of $7.67 and a 200 day moving average price of $5.82. The stock has a market capitalization of $531.47 million, a P/E ratio of -7.82 and a beta of 1.63.

Design Therapeutics (NASDAQ:DSGN) last released its quarterly 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 expect that Design Therapeutics, Inc. will post -0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. RA Capital Management L.P. acquired a new stake in Design Therapeutics during the third quarter worth about $3,582,000. Millennium Management LLC acquired a new position in shares of Design Therapeutics in the 3rd quarter valued at $518,000. Kennedy Capital Management LLC boosted its holdings in Design Therapeutics by 95.9% during the third quarter. Kennedy Capital Management LLC now owns 29,411 shares of the company’s stock worth $221,000 after buying an additional 14,401 shares in the last quarter. Russell Investments Group Ltd. grew its position in Design Therapeutics by 69.6% during the third quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock valued at $48,000 after buying an additional 2,618 shares during the period. Finally, DLD Asset Management LP purchased a new position in Design Therapeutics in the third quarter valued at $376,000. Hedge funds and other institutional investors own 56.64% of the company’s stock.

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.