Design Therapeutics (NASDAQ:DSGN) Stock Price Down 6.7% - Here's Why

Key Points

• Design Therapeutics shares fell 6.7% to about $12.61 in midday trading, with volume 37% below the average session level.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $16.50, despite Weiss Ratings reiterating a “sell (D-)” rating.
• The company reported a quarterly loss of $0.32 per share, beating estimates by $0.02. Institutional investors own 56.64% of the stock, while Design Therapeutics continues developing GeneTAC-based treatments for genetic diseases.

Design Therapeutics, Inc. (NASDAQ:DSGN - Get Free Report)'s share price dropped 6.7% during mid-day trading on Tuesday . The stock traded as low as $12.66 and last traded at $12.6120. Approximately 367,819 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 586,405 shares. The stock had previously closed at $13.52.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated 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 given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $16.50.

Design Therapeutics Stock Down 8.2%

The stock has a market cap of $776.33 million, a price-to-earnings ratio of -10.51 and a beta of 1.66. The business's 50 day simple moving average is $14.09 and its 200 day simple moving average is $12.72.

Design Therapeutics (NASDAQ:DSGN - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.02. Equities research analysts forecast that Design Therapeutics, Inc. will post -1.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. State of Wyoming bought a new stake in shares of Design Therapeutics during the 2nd quarter worth about $37,000. Legal & General Group Plc bought a new position in Design Therapeutics in the 2nd quarter valued at about $43,000. ADAR1 Capital Management LLC bought a new position in Design Therapeutics in the 1st quarter valued at about $106,000. GSA Capital Partners LLP acquired a new stake in Design Therapeutics during the second quarter worth approximately $149,000. Finally, Royal Bank of Canada grew its holdings in Design Therapeutics by 1,681.5% in the 1st quarter. Royal Bank of Canada now owns 11,366 shares of the company's stock valued at $121,000 after buying an additional 10,728 shares in the last quarter. 56.64% of the stock is owned by institutional investors and hedge funds.

Design Therapeutics Company Profile

Design Therapeutics, Inc is a clinical-stage biotechnology company developing small-molecule medicines for genetic diseases. The company's research platform, known as GeneTACs (Gene Targeted Chimeras), is designed to reactivate genes that have been silenced or disrupted by pathogenic genetic changes.

Design Therapeutics' lead programs have focused on diseases associated with nucleotide repeat expansions. Its pipeline has included DT-216, an investigational therapy intended to restore production of the frataxin protein in patients with Friedreich's ataxia, a rare inherited neurological disorder.

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