Design Therapeutics (NASDAQ:DSGN) Trading 5.7% Higher – Should You Buy?

Design Therapeutics, Inc. (NASDAQ:DSGN) shot up 5.7% during trading on Wednesday . The stock traded as high as $11.56 and last traded at $11.09. 355,195 shares were traded during mid-day trading, a decline of 20% from the average session volume of 443,274 shares. The stock had previously closed at $10.49.

Analyst Upgrades and Downgrades

Several research firms recently commented on DSGN. Oppenheimer lifted their price objective on Design Therapeutics from $18.00 to $21.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Piper Sandler restated an “overweight” rating and issued a $20.00 target price on shares of Design Therapeutics in a report on Wednesday, April 29th. Jefferies Financial Group started coverage on shares of Design Therapeutics in a report on Monday, March 16th. They issued a “buy” rating and a $15.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Design Therapeutics in a report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of Design Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.50.

Design Therapeutics Trading Up 5.7%

The stock has a market capitalization of $692.24 million, a PE ratio of -9.23 and a beta of 1.73. The firm has a 50 day moving average price of $12.19 and a 200 day moving average price of $10.32.

Design Therapeutics (NASDAQ:DSGN) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.07. On average, equities research analysts expect that Design Therapeutics, Inc. will post -1.36 EPS for the current year.

Institutional Investors Weigh In On Design Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of DSGN. Woodline Partners LP bought a new stake in Design Therapeutics during the 1st quarter worth approximately $2,492,000. Jane Street Group LLC bought a new position in shares of Design Therapeutics in the first quarter worth approximately $70,000. Strs Ohio bought a new position in shares of Design Therapeutics in the first quarter worth approximately $87,000. Geode Capital Management LLC increased its stake in shares of Design Therapeutics by 2.4% in the second quarter. Geode Capital Management LLC now owns 794,008 shares of the company’s stock worth $2,676,000 after purchasing an additional 18,511 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Design Therapeutics by 26.8% in the second quarter. Invesco Ltd. now owns 14,364 shares of the company’s stock worth $48,000 after purchasing an additional 3,033 shares in the last quarter. 56.64% of the stock is currently 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. 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.