Brokerages cut PT on Design Therapeutics as early-stage drug data disappoints

Design Therapeutics

08/12/2022 12:49

** Shares of drug developer Design Therapeutics Inc  DSGN.O 
fall ~27% premarket to $9.28, among top pct losers across U.S.
stock exchanges trading before the bell
    ** Co said late on Wednesday its early-stage drug DT-216 for
rare inherited nerve disorder Friedreich Ataxia was generally
well-tolerated and shows more than double increase in Frataxin
mRNA
    ** Street highly expected the drug to restore both mRNA and
protein levels after a single dose, Piper Sandler says 
    ** Atleast two brokerages trim their PTs on DSGN
    ** Brokerage Wedbush cuts PT to $19 from $26
    ** RBC cuts PT to $24 from $29, says protein increases no
longer expected from ongoing early-stage multiple-ascending dose
trial of the drug
    ** 'Somewhat longer catalyst path' to substantially derisk
the DT-216 program for investors - RBC
    ** Up to Wednesday's close, stock down ~41% YTD, compared
with ~10% decline in the Nasdaq Biotechnology index  .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))