BlackRock Inc. Takes Position in Design Therapeutics, Inc. $DSGN

Key Points

• BlackRock acquired 2.66 million shares of Design Therapeutics during the second quarter, valued at approximately $38.5 million and representing about 4.25% of the company.
• Institutional investors and hedge funds collectively own 56.64% of DSGN, with several firms—including Sei Investments, Dimensional Fund Advisors, Renaissance Technologies, and Baker Bros. Advisors—recently increasing their positions.
• DSGN shares opened at $15.14, near their 52-week high of $17.25. The company beat quarterly earnings expectations, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $16.50.

BlackRock Inc. acquired a new position in Design Therapeutics, Inc. (NASDAQ:DSGN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,660,024 shares of the company's stock, valued at approximately $38,491,000. BlackRock Inc. owned about 4.25% of Design Therapeutics at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of DSGN. Sei Investments Co. boosted its holdings in 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. Dimensional Fund Advisors LP increased its holdings in shares of Design Therapeutics by 45.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 431,840 shares of the company's stock worth $4,593,000 after purchasing an additional 133,919 shares during the period. Renaissance Technologies LLC raised its position in shares of Design Therapeutics by 42.2% during the first quarter. Renaissance Technologies LLC now owns 408,200 shares of the company's stock valued at $4,343,000 after buying an additional 121,100 shares during the last quarter. Elmind Capital LP acquired a new position in shares of Design Therapeutics during the fourth quarter valued at about $1,950,000. Finally, Baker BROS. Advisors LP raised its position in shares of Design Therapeutics by 30.4% during the fourth quarter. Baker BROS. Advisors LP now owns 2,233,099 shares of the company's stock valued at $20,946,000 after buying an additional 520,217 shares during the last quarter. 56.64% of the stock is currently owned by institutional investors and hedge funds.

Design Therapeutics Stock Performance

Shares of DSGN stock opened at $15.14 on Wednesday. Design Therapeutics, Inc. has a 52-week low of $5.28 and a 52-week high of $17.25. The stock has a market cap of $947.46 million, a price-to-earnings ratio of -12.83 and a beta of 1.65. The firm has a fifty day moving average of $14.01 and a 200-day moving average of $12.42.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wall Street Zen raised Design Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, May 10th. Cantor Fitzgerald started coverage on Design Therapeutics in a report on Tuesday, May 12th. They issued an "overweight" rating for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Design Therapeutics in a research report 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. According to data from MarketBeat.com, the stock 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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