Design Therapeutics, Inc. (NASDAQ:DSGN) Short Interest Up 6.1% in October

Design Therapeutics, Inc. (NASDAQ:DSGN) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 3,120,000 shares, an increase of 6.1% from the October 15th total of 2,940,000 shares. Based on an average daily volume of 938,000 shares, the days-to-cover ratio is presently 3.3 days. Currently, 9.6% of the company’s stock are short sold.

Insiders Place Their Bets

In other Design Therapeutics news, Director Deepa Prasad acquired 12,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were acquired at an average price of $2.31 per share, for a total transaction of $27,720.00. Following the completion of the acquisition, the director now owns 23,806 shares in the company, valued at $54,991.86. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Deepa Prasad purchased 12,000 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were purchased at an average price of $2.31 per share, for a total transaction of $27,720.00. Following the completion of the acquisition, the director now directly owns 23,806 shares in the company, valued at approximately $54,991.86. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rodney W. Lappe purchased 21,000 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were purchased at an average price of $2.35 per share, for a total transaction of $49,350.00. Following the acquisition, the director now owns 133,024 shares of the company’s stock, valued at $312,606.40. The disclosure for this purchase can be found here. Corporate insiders own 27.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DSGN. Tower Research Capital LLC TRC raised its position 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 period. Legal & General Group Plc raised its position 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 period. SG Americas Securities LLC bought a new stake in shares of Design Therapeutics during the 3rd quarter valued at $47,000. Corton Capital Inc. raised its position in shares of Design Therapeutics by 56.6% during the 3rd quarter. Corton Capital Inc. now owns 27,134 shares of the company’s stock valued at $64,000 after purchasing an additional 9,811 shares during the period. Finally, Citigroup Inc. raised its position in shares of Design Therapeutics by 214.5% during the 2nd quarter. Citigroup Inc. now owns 10,716 shares of the company’s stock valued at $68,000 after purchasing an additional 7,309 shares during the period. 69.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on DSGN shares. Leerink Partnrs cut shares of Design Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 15th. SVB Leerink restated a “market perform” rating and issued a $6.00 target price on shares of Design Therapeutics in a report on Tuesday, August 15th. Piper Sandler cut shares of Design Therapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $42.00 to $6.00 in a report on Tuesday. Royal Bank of Canada dropped their target price on shares of Design Therapeutics from $7.00 to $4.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Wedbush cut shares of Design Therapeutics from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $19.00 to $6.00 in a report on Tuesday, August 15th. Seven analysts have rated the stock with a hold rating, According to MarketBeat.com, Design Therapeutics presently has an average rating of “Hold” and a consensus price target of $5.67.

Design Therapeutics Trading Up 0.9 %

DSGN opened at $2.22 on Friday. Design Therapeutics has a 1-year low of $1.94 and a 1-year high of $15.52. The company has a market capitalization of $124.32 million, a PE ratio of -1.71 and a beta of 1.52. The firm’s 50 day simple moving average is $2.26 and its two-hundred day simple moving average is $4.55.

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.