Taysha Gene Therapies (NASDAQ:TSHA) Shares Gap Up on Analyst Upgrade

Key Points

• Taysha Gene Therapies' shares gapped up to $3.06 after Wells Fargo raised its price target from $7.50 to $8.00, maintaining an overweight rating.
• Eight analysts currently rate Taysha Gene Therapies as a buy, with a consensus target price of $8.29.
• Major shareholder Paul B. Manning acquired 750,000 shares at $2.75 per share, increasing his ownership in the company by 35.86%.

Taysha Gene Therapies, Inc. (NASDAQ:TSHA - Get Free Report) gapped up prior to trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $7.50 to $8.00. The stock had previously closed at $2.91, but opened at $3.06. Wells Fargo & Company currently has an overweight rating on the stock. Taysha Gene Therapies shares last traded at $3.07, with a volume of 1,157,565 shares.

A number of other equities research analysts have also issued reports on TSHA. Bank of America began coverage on Taysha Gene Therapies in a research note on Friday, July 11th. They issued a "buy" rating and a $8.00 target price on the stock. Canaccord Genuity Group upped their price objective on shares of Taysha Gene Therapies from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $7.00 price target on shares of Taysha Gene Therapies in a research report on Monday, April 28th. Citigroup reiterated an "outperform" rating on shares of Taysha Gene Therapies in a research note on Thursday, May 29th. Finally, JMP Securities raised their price objective on shares of Taysha Gene Therapies from $5.00 to $6.00 and gave the company a "market outperform" rating in a research note on Thursday, May 29th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $8.29.

Insider Activity

In related news, major shareholder Paul B. Manning acquired 750,000 shares of the stock in a transaction dated Friday, May 30th. The stock was bought at an average price of $2.75 per share, for a total transaction of $2,062,500.00. Following the purchase, the insider directly owned 2,841,704 shares of the company's stock, valued at $7,814,686. The trade was a 35.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.78% of the company's stock.

Institutional Trading of Taysha Gene Therapies

A number of large investors have recently added to or reduced their stakes in TSHA. LPL Financial LLC purchased a new position in shares of Taysha Gene Therapies during the fourth quarter worth approximately $104,000. Geode Capital Management LLC boosted its stake in shares of Taysha Gene Therapies by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 3,572,349 shares of the company's stock worth $6,182,000 after acquiring an additional 9,591 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Taysha Gene Therapies by 43.7% in the 4th quarter. Wells Fargo & Company MN now owns 103,384 shares of the company's stock worth $179,000 after acquiring an additional 31,457 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Taysha Gene Therapies during the 4th quarter valued at approximately $1,520,000. Finally, Barclays PLC boosted its position in shares of Taysha Gene Therapies by 35.6% during the 4th quarter. Barclays PLC now owns 335,238 shares of the company's stock valued at $587,000 after acquiring an additional 87,958 shares during the last quarter. Hedge funds and other institutional investors own 77.70% of the company's stock.

Taysha Gene Therapies Stock Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 12.48 and a quick ratio of 12.48. The business has a 50-day moving average of $2.60 and a 200-day moving average of $2.12. The company has a market capitalization of $628.95 million, a P/E ratio of -8.62 and a beta of 0.98.

Taysha Gene Therapies (NASDAQ:TSHA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.02). Taysha Gene Therapies had a negative return on equity of 78.44% and a negative net margin of 1,144.97%. The business had revenue of $1.99 million during the quarter, compared to analyst estimates of $1.61 million. On average, sell-side analysts anticipate that Taysha Gene Therapies, Inc. will post -0.35 EPS for the current year.

About Taysha Gene Therapies

Taysha Gene Therapies, Inc, a gene therapy company, focuses on developing and commercializing adeno-associated virus-based gene therapies for the treatment of monogenic diseases of the central nervous system. It primarily develops TSHA-120 for the treatment of giant axonal neuropathy; TSHA-102 for the treatment of Rett syndrome; TSHA-121 for the treatment of CLN7 disease; TSHA-118 for the treatment of CLN1 disease; TSHA-105 for the treatment of for SLC13A5 deficiency; TSHA-113 for the treatment of tauopathies; TSHA-106 for the treatment of angelman syndrome; TSHA-114 for the treatment of fragile X syndrome; and TSHA-101 for the treatment of GM2 gangliosidosis.