Design Therapeutics (NASDAQ:DSGN) Downgraded to Sector Perform at Royal Bank of Canada

Posted by Defense World Staff on Aug 16th, 2023

Royal Bank of Canada downgraded shares of Design Therapeutics (NASDAQ:DSGN – Free Report) from an outperform rating to a sector perform rating in a research note published on Tuesday morning, Marketbeat.com reports. Royal Bank of Canada currently has $7.00 price objective on the stock, down from their previous price objective of $23.00.

Separately, The Goldman Sachs Group raised shares of Design Therapeutics from a sell rating to a neutral rating and set a $6.00 price target on the stock in a research note on Thursday, May 4th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $6.20.

View Our Latest Stock Report on Design Therapeutics

Design Therapeutics Price Performance

Shares of NASDAQ DSGN opened at $2.17 on Tuesday. The stock has a market capitalization of $121.13 million, a price-to-earnings ratio of -1.73 and a beta of 1.37. Design Therapeutics has a 12 month low of $2.08 and a 12 month high of $25.88. The firm’s 50 day simple moving average is $6.52 and its 200-day simple moving average is $6.56.

Institutional Investors Weigh In On Design Therapeutics

A number of institutional investors have recently added to or reduced their stakes in DSGN. JPMorgan Chase & Co. lifted its holdings in Design Therapeutics by 28.6% in the 1st quarter. JPMorgan Chase & Co. now owns 20,239 shares of the company’s stock valued at $327,000 after purchasing an additional 4,504 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Design Therapeutics by 34.0% in the 1st quarter. Bank of New York Mellon Corp now owns 89,956 shares of the company’s stock valued at $1,453,000 after purchasing an additional 22,848 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Design Therapeutics by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 16,885 shares of the company’s stock valued at $273,000 after purchasing an additional 6,021 shares in the last quarter. Rhumbline Advisers lifted its holdings in Design Therapeutics by 21.4% in the 1st quarter. Rhumbline Advisers now owns 28,284 shares of the company’s stock valued at $457,000 after purchasing an additional 4,995 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Design Therapeutics by 42.2% in the 1st quarter. BlackRock Inc. now owns 3,150,820 shares of the company’s stock valued at $50,887,000 after purchasing an additional 935,196 shares in the last quarter. Institutional investors and hedge funds own 69.17% of the company’s stock.

About Design Therapeutics

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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.