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

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

Analyst Ratings Changes

DSGN has been the subject of a number of recent analyst reports. Oppenheimer boosted their price objective on shares of Design Therapeutics from $18.00 to $21.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Wall Street Zen upgraded shares of Design Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, May 10th. Royal Bank Of Canada boosted their target price on shares of Design Therapeutics from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Tuesday, March 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Design Therapeutics in a research note on Monday, April 20th. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 target price on shares of Design Therapeutics in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Design Therapeutics Trading Up 9.7%

The stock has a market capitalization of $734.47 million, a PE ratio of -9.77 and a beta of 1.63. The firm has a 50 day moving average price of $12.28 and a 200 day moving average price of $10.78.

Design Therapeutics (NASDAQ:DSGN) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.07. On average, equities research analysts expect that Design Therapeutics, Inc. will post -1.36 EPS for the current year.

Institutional Investors Weigh In On Design Therapeutics

A number of institutional investors have recently bought and sold shares of DSGN. Torren Management LLC purchased a new stake in Design Therapeutics in the 4th quarter worth $26,000. Russell Investments Group Ltd. increased its stake 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. increased its stake 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 in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Design Therapeutics during the 4th quarter valued at about $67,000. Finally, Jane Street Group LLC bought a new position in shares of 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.

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.