Design Therapeutics (NASDAQ:DSGN) Sets New 1-Year High – Here’s Why

Design Therapeutics, Inc. (NASDAQ:DSGN)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $11.23 and last traded at $10.99, with a volume of 1164936 shares traded. The stock had previously closed at $10.12.

Analyst Ratings Changes

DSGN has been the topic of a number of recent analyst reports. Oppenheimer started coverage on shares of Design Therapeutics in a report on Wednesday, January 7th. They set an “outperform” rating and a $18.00 price target on the stock. Wall Street Zen upgraded shares of Design Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Design Therapeutics in a report on Wednesday, January 21st. Craig Hallum initiated coverage on shares of Design Therapeutics in a research report on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 target price for the company. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.20.

Design Therapeutics Price Performance

The firm has a market capitalization of $677.75 million, a PE ratio of -9.01 and a beta of 1.63. The company has a 50-day moving average price of $10.07 and a 200 day moving average price of $8.40.

Design Therapeutics (NASDAQ:DSGN) last released its earnings results on Monday, March 9th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.11. As a group, research analysts anticipate that Design Therapeutics, Inc. will post -0.91 earnings per share for the current year.

Institutional Investors Weigh In On Design Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC bought a new stake in shares of Design Therapeutics during the fourth quarter valued at approximately $253,000. Virtu Financial LLC purchased a new position in Design Therapeutics during the fourth quarter valued at $212,000. Invesco Ltd. increased its holdings in Design Therapeutics by 1,995.8% in the 4th quarter. Invesco Ltd. now owns 305,757 shares of the company’s stock valued at $2,868,000 after acquiring an additional 291,168 shares during the last quarter. XTX Topco Ltd increased its holdings in Design Therapeutics by 197.3% in the 4th quarter. XTX Topco Ltd now owns 35,284 shares of the company’s stock valued at $331,000 after acquiring an additional 23,416 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Design Therapeutics by 162.8% in the 4th quarter. Millennium Management LLC now owns 180,866 shares of the company’s stock worth $1,697,000 after purchasing an additional 112,043 shares in the last quarter. 56.64% of the stock is owned by hedge funds and other institutional investors.

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.