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

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

Analyst Ratings Changes

DSGN has been the topic of several research analyst reports. Oppenheimer lifted their price objective on Design Therapeutics from $18.00 to $21.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Royal Bank Of Canada raised 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 reaffirmed a “sell (d-)” rating on shares of Design Therapeutics in a research report on Monday, April 20th. Piper Sandler reissued an “overweight” rating and issued 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 on the stock. 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Design Therapeutics Stock Performance

The stock has a 50 day moving average of $11.99 and a 200 day moving average of $10.15. The stock has a market capitalization of $918.79 million, a P/E ratio of -12.26 and a beta of 1.73.

Design Therapeutics (NASDAQ:DSGN) last announced its quarterly earnings results on Tuesday, April 28th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.07. On average, research analysts anticipate that Design Therapeutics, Inc. will post -1.39 EPS for the current fiscal year.

Institutional Trading of Design Therapeutics

Several institutional investors have recently modified their holdings of the company. Torren Management LLC purchased a new position in Design Therapeutics in the 4th quarter worth about $26,000. Russell Investments Group Ltd. boosted its holdings in shares of Design Therapeutics by 69.6% in the third 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 during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Design Therapeutics in the 4th quarter valued at approximately $67,000. AXQ Capital LP acquired a new position in Design Therapeutics in the 4th quarter worth approximately $110,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Design Therapeutics during the fourth quarter valued at $131,000. Institutional investors and hedge funds 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.