Design Therapeutics (NASDAQ:DSGN) Trading 9% Higher – Here’s What Happened

Design Therapeutics, Inc. (NASDAQ:DSGN)’s stock price rose 9% on Tuesday . The company traded as high as $9.29 and last traded at $9.42. Approximately 274,382 shares changed hands during trading, an increase of 58% from the average daily volume of 173,552 shares. The stock had previously closed at $8.64.

Analysts Set New Price Targets

A number of analysts have issued reports on DSGN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Design Therapeutics in a research report on Wednesday, October 8th. Royal Bank Of Canada raised Design Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $6.00 to $13.00 in a research note on Thursday, November 20th. Finally, Wall Street Zen raised Design Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Design Therapeutics has a consensus rating of “Hold” and a consensus price target of $13.00.

Design Therapeutics Stock Performance

The company’s 50-day simple moving average is $6.83 and its 200 day simple moving average is $5.24. The company has a market cap of $533.72 million, a PE ratio of -7.87 and a beta of 1.67.

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

Hedge Funds Weigh In On Design Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of DSGN. Nuveen LLC acquired a new position in shares of Design Therapeutics during the first quarter worth $568,000. American Century Companies Inc. grew its holdings in Design Therapeutics by 13.5% during the 1st quarter. American Century Companies Inc. now owns 44,415 shares of the company’s stock valued at $171,000 after purchasing an additional 5,300 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Design Therapeutics during the 1st quarter worth $546,000. Driehaus Capital Management LLC lifted its holdings in Design Therapeutics by 17.7% in the 1st quarter. Driehaus Capital Management LLC now owns 913,399 shares of the company’s stock worth $3,526,000 after buying an additional 137,317 shares in the last quarter. Finally, Velan Capital Investment Management LP purchased a new position in Design Therapeutics in the 1st quarter valued at about $54,000. Hedge funds and other 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.