Design Therapeutics (NASDAQ:DSGN) Shares Down 6.7% – What’s Next?

Design Therapeutics, Inc. (NASDAQ:DSGN) traded down 6.7% during mid-day trading on Tuesday . The company traded as low as $12.66 and last traded at $12.6120. 367,819 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 586,405 shares. The stock had previously closed at $13.52.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Design Therapeutics in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Design Therapeutics Stock Up 2.3%

The firm has a market capitalization of $782.88 million, a PE ratio of -10.60 and a beta of 1.66. The company’s 50-day simple moving average is $13.99 and its 200 day simple moving average is $12.74.

Design Therapeutics (NASDAQ:DSGN) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.02. On average, sell-side analysts forecast that Design Therapeutics, Inc. will post -1.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its position in Design Therapeutics by 45.0% during the first quarter. Dimensional Fund Advisors LP now owns 431,840 shares of the company’s stock valued at $4,593,000 after acquiring an additional 133,919 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Design Therapeutics by 42.2% in the 1st quarter. Renaissance Technologies LLC now owns 408,200 shares of the company’s stock valued at $4,343,000 after purchasing an additional 121,100 shares during the period. Sei Investments Co. lifted its stake in shares of Design Therapeutics by 152.6% in the 1st quarter. Sei Investments Co. now owns 133,203 shares of the company’s stock valued at $1,417,000 after purchasing an additional 80,473 shares during the period. Bank of New York Mellon Corp purchased a new stake in Design Therapeutics during the second quarter worth $1,332,000. Finally, J. Goldman & Co LP purchased a new stake in Design Therapeutics during the second quarter worth $2,558,000. 56.64% of the stock is currently owned by institutional investors and hedge funds.

About Design Therapeutics

Design Therapeutics, Inc is a clinical-stage biotechnology company developing small-molecule medicines for genetic diseases. The company’s research platform, known as GeneTACs (Gene Targeted Chimeras), is designed to reactivate genes that have been silenced or disrupted by pathogenic genetic changes.

Design Therapeutics’ lead programs have focused on diseases associated with nucleotide repeat expansions. Its pipeline has included DT-216, an investigational therapy intended to restore production of the frataxin protein in patients with Friedreich’s ataxia, a rare inherited neurological disorder.