Piper Sandler Upgrades Design Therapeutics (NASDAQ:DSGN) to “Overweight”

Design Therapeutics (NASDAQ:DSGN) was upgraded by Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Tuesday, Briefing.com reports. The brokerage currently has a $12.00 price target on the stock, up from their previous price target of $6.00. Piper Sandler’s target price would indicate a potential upside of 228.77% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $4.00 price target on shares of Design Therapeutics in a research report on Wednesday, March 20th. Wedbush reaffirmed a “neutral” rating and issued a $5.00 price objective on shares of Design Therapeutics in a report on Wednesday, March 20th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.60.

Design Therapeutics Stock Performance

DSGN opened at $3.65 on Tuesday. The business’s 50-day simple moving average is $3.39 and its 200-day simple moving average is $2.73. Design Therapeutics has a one year low of $1.94 and a one year high of $8.47. The stock has a market capitalization of $206.19 million, a P/E ratio of -3.04 and a beta of 1.83.

Design Therapeutics (NASDAQ:DSGN) last posted its earnings results on Tuesday, March 19th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.11. On average, equities research analysts forecast that Design Therapeutics will post -1.26 EPS for the current fiscal year.

Insider Buying and Selling

In other Design Therapeutics news, Director John P. Schmid purchased 17,809 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average cost of $3.74 per share, with a total value of $66,605.66. Following the transaction, the director now owns 26,965 shares in the company, valued at $100,849.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director John P. Schmid bought 17,809 shares of the business’s stock in a transaction on Monday, March 25th. The stock was purchased at an average price of $3.74 per share, with a total value of $66,605.66. Following the transaction, the director now directly owns 26,965 shares in the company, valued at $100,849.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John P. Schmid bought 9,156 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were purchased at an average cost of $3.62 per share, with a total value of $33,144.72. Following the transaction, the director now owns 9,156 shares in the company, valued at $33,144.72. The disclosure for this purchase can be found here. 25.70% of the stock is owned by corporate insiders.

Institutional Trading of Design Therapeutics

Several large investors have recently added to or reduced their stakes in DSGN. Tower Research Capital LLC TRC lifted its position in shares of Design Therapeutics by 30.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,503 shares of the company’s stock worth $57,000 after purchasing an additional 4,983 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Design Therapeutics by 317.6% during the fourth quarter. Federated Hermes Inc. now owns 11,999 shares of the company’s stock worth $32,000 after purchasing an additional 9,126 shares in the last quarter. Corton Capital Inc. lifted its position in shares of Design Therapeutics by 56.6% during the third quarter. Corton Capital Inc. now owns 27,134 shares of the company’s stock worth $64,000 after purchasing an additional 9,811 shares in the last quarter. Pale Fire Capital SE acquired a new position in shares of Design Therapeutics during the fourth quarter worth approximately $28,000. Finally, Simplicity Wealth LLC acquired a new position in shares of Design Therapeutics during the first quarter worth approximately $46,000. 56.64% of the stock is owned by institutional investors.

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.