Short Interest in Design Therapeutics, Inc. (NASDAQ:DSGN) Drops By 14.0%

Design Therapeutics, Inc. (NASDAQ:DSGN) was the target of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 1,993,557 shares, a drop of 14.0% from the January 15th total of 2,317,010 shares. Based on an average trading volume of 354,260 shares, the days-to-cover ratio is currently 5.6 days. Approximately 4.6% of the company’s shares are short sold. Approximately 4.6% of the company’s shares are short sold. Based on an average trading volume of 354,260 shares, the days-to-cover ratio is currently 5.6 days.

Analyst Ratings Changes

DSGN has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Design Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Oppenheimer started coverage on Design Therapeutics in a report on Wednesday, January 7th. They issued an “outperform” rating and a $18.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Design Therapeutics in a research note on Wednesday, January 21st. Royal Bank Of Canada raised Design Therapeutics from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $6.00 to $13.00 in a research note on Thursday, November 20th. Finally, Craig Hallum began coverage on Design Therapeutics in a research report on Wednesday, December 3rd. 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, three have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Institutional Investors Weigh In On Design Therapeutics

Several large investors have recently added to or reduced their stakes in DSGN. Woodline Partners LP purchased a new stake in shares of Design Therapeutics during the first quarter worth $2,492,000. Jane Street Group LLC acquired a new position in Design Therapeutics during the 1st quarter worth $70,000. Strs Ohio purchased a new stake in Design Therapeutics during the 1st quarter worth about $87,000. Los Angeles Capital Management LLC acquired a new stake in Design Therapeutics in the 2nd quarter valued at about $43,000. Finally, Geode Capital Management LLC raised its position in Design Therapeutics by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 794,008 shares of the company’s stock valued at $2,676,000 after purchasing an additional 18,511 shares in the last quarter. 56.64% of the stock is owned by hedge funds and other institutional investors.

Design Therapeutics Stock Performance

Shares of NASDAQ DSGN traded up $0.12 during trading on Tuesday, reaching $10.19. The stock had a trading volume of 42,763 shares, compared to its average volume of 264,287. The company has a market cap of $580.14 million, a P/E ratio of -8.56 and a beta of 1.63. Design Therapeutics has a fifty-two week low of $2.60 and a fifty-two week high of $10.97. The business’s 50-day moving average price is $9.72 and its 200-day moving average price is $7.64.

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.