Design Therapeutics (NASDAQ:DSGN) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Design Therapeutics (NASDAQ:DSGN) issued its quarterly earnings results on Monday. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.02, FiscalAI reports.

Design Therapeutics Price Performance

DSGN stock opened at $12.18 on Monday. Design Therapeutics has a 52 week low of $3.76 and a 52 week high of $17.25. The firm has a 50-day simple moving average of $12.46 and a 200-day simple moving average of $11.70. The stock has a market capitalization of $760.76 million, a P/E ratio of -10.15 and a beta of 1.63.

Analyst Upgrades and Downgrades

Several brokerages have commented on DSGN. Wall Street Zen raised Design Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Design Therapeutics in a research report on Friday, July 17th. Cantor Fitzgerald initiated coverage on Design Therapeutics in a research report on Tuesday, May 12th. They issued an “overweight” rating for the company. Oppenheimer boosted their price objective on shares of Design Therapeutics from $18.00 to $21.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Design Therapeutics in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Design Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Hedge Funds Weigh In On Design Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Invesco Ltd. boosted 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 acquiring an additional 3,033 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Design Therapeutics by 69.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock valued at $48,000 after purchasing an additional 2,618 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Design Therapeutics in the 4th quarter valued at $67,000. Jane Street Group LLC purchased a new position in Design Therapeutics in the 1st quarter valued at $70,000. Finally, Bank of America Corp DE lifted its holdings in Design Therapeutics by 11.1% in the 2nd quarter. Bank of America Corp DE now owns 24,625 shares of the company’s stock valued at $83,000 after purchasing an additional 2,459 shares in the last quarter. Institutional investors and hedge funds own 56.64% of the company’s stock.

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.