Design Therapeutics upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Design Therapeutics to Overweight from Neutral with a price target of $12, up from $6. The shares have been trading at cash since the Phase 1 results in Friedreich ataxia were released last August, but investors may have missed that since then management has committed significant time and progress to enrich the pipeline, the analyst tells investors in a research note. The firm says Design is bringing four separate value-driving assets to the clinic with a high high clinical probability of sucess, “meaning multiple shots on goal.” Piper believes there are multiple blockbuster opportunities that can independently drive return for shareholders.