Bank of New York Mellon Corp Purchases New Stake in Design Therapeutics, Inc. $DSGN

Key Points

• Bank of New York Mellon acquired 92,069 shares of Design Therapeutics worth approximately $1.33 million, giving it a 0.15% stake. Institutional investors and hedge funds collectively own 56.64% of the company.
• Design Therapeutics reported a quarterly loss of $0.32 per share, beating analyst expectations of a $0.34 loss. Analysts expect a full-year loss of $1.41 per share.
• DSGN shares opened at $15.02, within a 12-month range of $5.28 to $17.25. Analysts have a consensus “Moderate Buy” rating and an average price target of $16.50, despite a separate “sell” rating from Weiss Ratings.

Bank of New York Mellon Corp acquired a new position in shares of Design Therapeutics, Inc. (NASDAQ:DSGN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 92,069 shares of the company's stock, valued at approximately $1,332,000. Bank of New York Mellon Corp owned about 0.15% of Design Therapeutics at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vivo Capital LLC bought a new position in shares of Design Therapeutics in the 4th quarter valued at about $15,129,000. RA Capital Management L.P. boosted its stake in Design Therapeutics by 207.2% in the fourth quarter. RA Capital Management L.P. now owns 1,461,381 shares of the company's stock valued at $13,708,000 after acquiring an additional 985,682 shares during the last quarter. Woodline Partners LP bought a new position in Design Therapeutics in the first quarter valued at approximately $2,492,000. Baker BROS. Advisors LP grew its holdings in Design Therapeutics by 30.4% during the 4th quarter. Baker BROS. Advisors LP now owns 2,233,099 shares of the company's stock worth $20,946,000 after acquiring an additional 520,217 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Design Therapeutics by 1,995.8% in the 4th quarter. Invesco Ltd. now owns 305,757 shares of the company's stock valued at $2,868,000 after purchasing an additional 291,168 shares during the period. 56.64% of the stock is currently owned by institutional investors and hedge funds.

Design Therapeutics Stock Down 1.4%

Shares of DSGN stock opened at $15.02 on Thursday. Design Therapeutics, Inc. has a 12-month low of $5.28 and a 12-month high of $17.25. The firm has a market capitalization of $939.95 million, a price-to-earnings ratio of -12.73 and a beta of 1.66. The firm has a fifty day moving average of $14.16 and a 200-day moving average of $12.64.

Design Therapeutics (NASDAQ:DSGN - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates of ($0.34) by $0.02. Research analysts expect that Design Therapeutics, Inc. will post -1.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Design Therapeutics in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $16.50.

Design Therapeutics 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.

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