Design Therapeutics (NASDAQ:DSGN) Reaches New 1-Year High – Here’s What Happened

Design Therapeutics, Inc. (NASDAQ:DSGN) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $11.01 and last traded at $10.64, with a volume of 24151 shares trading hands. The stock had previously closed at $10.60.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Oppenheimer assumed coverage on Design Therapeutics in a report on Wednesday, January 7th. They set an “outperform” rating and a $18.00 target price on the stock. Craig Hallum assumed coverage on Design Therapeutics in a report on Wednesday, December 3rd. They set a “buy” rating and a $15.00 price objective on the stock. Leerink Partners set a $14.00 target price on Design Therapeutics and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Royal Bank Of Canada upgraded shares of Design Therapeutics from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $6.00 to $13.00 in a report on Thursday, November 20th. Finally, Wall Street Zen upgraded shares of Design Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Design Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Design Therapeutics Stock Down 0.5%

The stock has a fifty day moving average of $9.90 and a 200-day moving average of $7.94. The firm has a market capitalization of $605.20 million, a P/E ratio of -8.93 and a beta of 1.63.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its stake in Design Therapeutics by 11.1% in the 2nd quarter. Bank of America Corp DE now owns 24,625 shares of the company’s stock valued at $83,000 after buying an additional 2,459 shares during the last quarter. Strs Ohio grew its holdings in shares of Design Therapeutics by 11.5% in the 4th quarter. Strs Ohio now owns 25,200 shares of the company’s stock valued at $236,000 after acquiring an additional 2,600 shares in the last quarter. Russell Investments Group Ltd. increased its position 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 valued at $48,000 after acquiring an additional 2,618 shares during the last quarter. Torren Management LLC acquired a new stake in shares of Design Therapeutics in the fourth quarter valued at about $26,000. Finally, Invesco Ltd. raised its holdings in Design Therapeutics by 26.8% during the second quarter. Invesco Ltd. now owns 14,364 shares of the company’s stock worth $48,000 after acquiring an additional 3,033 shares in the last quarter. Institutional investors own 56.64% of the company’s stock.

Design Therapeutics Company Profile

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.