Short Interest in Design Therapeutics, Inc. (NASDAQ:DSGN) Drops By 42.2%

Design Therapeutics, Inc. (NASDAQ:DSGN) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 2,300,000 shares, a decrease of 42.2% from the August 15th total of 3,980,000 shares. Based on an average daily volume of 893,000 shares, the short-interest ratio is presently 2.6 days. Approximately 7.1% of the company’s stock are short sold.

Design Therapeutics Stock Performance

NASDAQ:DSGN opened at $2.68 on Friday. The company has a market capitalization of $150.05 million, a price-to-earnings ratio of -2.00 and a beta of 1.57. Design Therapeutics has a one year low of $1.94 and a one year high of $23.06. The stock has a 50-day simple moving average of $5.00 and a 200 day simple moving average of $5.80.

Design Therapeutics (NASDAQ:DSGN) last posted its quarterly earnings results on Monday, August 14th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.05. On average, equities research analysts forecast that Design Therapeutics will post -1.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wedbush downgraded Design Therapeutics from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $19.00 to $6.00 in a report on Tuesday, August 15th. SVB Leerink restated a “market perform” rating and set a $6.00 target price on shares of Design Therapeutics in a research note on Tuesday, August 15th. Leerink Partnrs downgraded Design Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 15th. SVB Securities downgraded Design Therapeutics from an “outperform” rating to a “market perform” rating and set a $6.00 target price for the company. in a research note on Tuesday, August 15th. Finally, Royal Bank of Canada downgraded Design Therapeutics from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $23.00 to $7.00 in a research note on Tuesday, August 15th. Six research analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $6.20.

Insider Activity at Design Therapeutics

In related news, Director Deepa Prasad purchased 12,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average cost of $2.31 per share, for a total transaction of $27,720.00. Following the acquisition, the director now owns 23,806 shares in the company, valued at $54,991.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 27.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Design Therapeutics

Large investors have recently bought and sold shares of the business. Legal & General Group Plc lifted its holdings in Design Therapeutics by 28.0% in the second quarter. Legal & General Group Plc now owns 3,247 shares of the company’s stock worth $45,000 after acquiring an additional 711 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Design Therapeutics by 152.5% in the second quarter. Tower Research Capital LLC TRC now owns 5,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,201 shares during the last quarter. Citigroup Inc. lifted its holdings in Design Therapeutics by 214.5% in the second quarter. Citigroup Inc. now owns 10,716 shares of the company’s stock worth $68,000 after acquiring an additional 7,309 shares during the last quarter. XTX Topco Ltd bought a new position in Design Therapeutics in the second quarter worth about $68,000. Finally, Balyasny Asset Management LLC bought a new position in Design Therapeutics in the third quarter worth about $186,000. Institutional investors own 69.47% of the company’s stock.

Design Therapeutics Company Profile

Design Therapeutics, Inc a preclinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of genetic diseases caused by nucleotide repeat expansions. The company's portfolio of products comprises Friedreich Ataxia, a monogenic, autosomal recessive, progressive multi-system disease that affects organ systems dependent on mitochondrial function, eventually leading to neurological, cardiac, and metabolic dysfunction; and Myotonic Dystrophy Type-1 (DM1), a dominantly-inherited, monogenic progressive neuromuscular disease affecting skeletal muscle, heart, brain, and other organs.