Royal Bank Of Canada Upgrades Design Therapeutics (NASDAQ:DSGN) to “Outperform”

Design Therapeutics (NASDAQ:DSGN) was upgraded by stock analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has a $13.00 price objective on the stock, up from their previous price objective of $6.00. Royal Bank Of Canada’s target price would suggest a potential upside of 55.69% from the company’s current price.

Other research analysts also recently issued reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Design Therapeutics in a report on Wednesday, October 8th. Wall Street Zen raised shares of Design Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.00.

Design Therapeutics Stock Performance

NASDAQ:DSGN opened at $8.35 on Thursday. The firm’s fifty day moving average is $6.63 and its two-hundred day moving average is $5.11. The firm has a market cap of $475.62 million, a price-to-earnings ratio of -7.02 and a beta of 1.67. Design Therapeutics has a one year low of $2.60 and a one year high of $8.80.

Design Therapeutics (NASDAQ:DSGN) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. As a group, equities research analysts predict that Design Therapeutics will post -0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Design Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its stake in Design Therapeutics by 69.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock worth $48,000 after buying an additional 2,618 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Design Therapeutics during the second quarter worth $43,000. Velan Capital Investment Management LP purchased a new stake in shares of Design Therapeutics in the first quarter valued at about $54,000. Invesco Ltd. grew its stake in shares of Design Therapeutics by 26.8% in the 2nd quarter. Invesco Ltd. now owns 14,364 shares of the company’s stock valued at $48,000 after buying an additional 3,033 shares during the period. Finally, Jane Street Group LLC purchased a new position in Design Therapeutics in the first quarter worth approximately $70,000. Institutional investors and hedge funds own 56.64% of the company’s stock.

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.