Simeon George, director on Design Therapeutics’ (NASDAQ:DSGN) board and a more than 10% owner of DSGN stock, bought 900,000 additional shares in multiple transactions between December 16 and December 20, for an aggregate consideration of $7.6 million. In a separate SEC filing, SR One Capital Fund I Aggregator LP, an entity owning more 10% of DSGN shares, also disclosed a similar insider transaction for $7.6 million. DSGN stock was up 8% in Wednesday’s pre-market trading.
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Design Therapeutics is a clinical-stage biotechnology company working on a new class of small-molecule therapeutic candidates, called GeneTAC molecules (gene targeted chimera).
Following the aforementioned transactions, George holds 6,526,476 DSGN shares worth $54.4 million. Interestingly, George’s performance track record shows a 50% success rate (compared to the S&P 500) based on four out of eight profitable transactions made over the past year. His average return per transaction stands at 21%.
Recently, another director Rodney W. Lappe purchased 15,000 DSGN shares for $119,400. Based on these three recent transactions, the Insider Confidence Signal for Design Therapeutics is Positive.
It’s worth noting that TipRanks provides daily insider transactions and a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Design Therapeutics a Good Stock to Buy?
Design Therapeutics stock earns the Street’s Strong Buy consensus rating based on four unanimous Buys. The average DSGN stock price target of $26.75 implies nearly 232% upside potential. Shares have plunged about 62% year-to-date.
DSGN stock tanked on December 8 as the initial data from a phase 1 trial of DT-216 treatment for patients with Friedreich ataxia (a neurodegenerative movement disorder) failed to impress investors.
Final Thoughts
The recent insider transactions in Design Therapeutics shares send positive signals to investors about the company’s growth potential. As per TipRanks’ Smart Score System, DSGN has a score of eight of 10, which implies that the stock could outperform market averages over the long term.
