Shares of Design Therapeutics (NASDAQ: DSGN) tanked more than 20% in pre-market trading on Thursday even as the clinical-stage biotechnology company announced the results from a trial on DT-216 treatment for patients with Friedreich ataxia, a type of inherited disorder that affects nerves.
Design stated that the Phase-1 clinical trial evaluating a single-ascending dose (SAD) of DT-216 indicated that “DT-216 was generally well-tolerated and able to overcome the frataxin (FXN) transcription impairment that causes FA, with a greater than two-fold increase in FXN mRNA in the cohort with the highest response.”
The company expects to start Phase 2 of this trial next year. DSGN also stated that it expects to submit an Investigational New Drug application (IND) for DT-168, in the second half of next year. DT-168 is an eye drop for the treatment of FECD, a genetic eye disease.
Wall Street analysts are bullish on DSGN stock with a Strong Buy consensus rating based on a unanimous three Buys.
