Design Therapeutics (NASDAQ:DSGN) Trading Down 5.8% – Here’s Why

Design Therapeutics, Inc. (NASDAQ:DSGN)’s stock price traded down 5.8% during trading on Tuesday . The stock traded as low as $9.12 and last traded at $9.2870. 160,037 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 179,954 shares. The stock had previously closed at $9.86.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Craig Hallum began coverage on shares of Design Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 price target on the stock. Wall Street Zen cut Design Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. Royal Bank Of Canada upgraded Design Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $6.00 to $13.00 in a research report on Thursday, November 20th. Leerink Partners set a $14.00 price objective on Design Therapeutics and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Finally, Leerink Partnrs raised shares of Design Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $14.00.

Design Therapeutics Trading Down 1.9%

The company has a market cap of $526.31 million, a P/E ratio of -7.76 and a beta of 1.63. The company’s fifty day moving average is $7.49 and its 200 day moving average is $5.68.

Design Therapeutics (NASDAQ:DSGN) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.04. Analysts anticipate that Design Therapeutics, Inc. will post -0.91 EPS for the current year.

Hedge Funds Weigh In On Design Therapeutics

A number of large investors have recently bought and sold shares of the stock. Woodline Partners LP bought a new position in shares of Design Therapeutics in the first quarter worth approximately $2,492,000. RA Capital Management L.P. bought a new stake in Design Therapeutics in the 3rd quarter worth $3,582,000. Nuveen LLC purchased a new position in shares of Design Therapeutics in the first quarter valued at about $568,000. Wellington Management Group LLP purchased a new position in shares of Design Therapeutics in the first quarter valued at about $546,000. Finally, Driehaus Capital Management LLC raised its stake in shares of Design Therapeutics by 17.7% during the first quarter. Driehaus Capital Management LLC now owns 913,399 shares of the company’s stock valued at $3,526,000 after acquiring an additional 137,317 shares during 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.