Taysha Gene Therapies (NASDAQ:TSHA) Shares Gap Up on Insider Buying Activity

Taysha Gene Therapies, Inc. (NASDAQ:TSHA - Get Free Report) gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $2.78, but opened at $2.93. Taysha Gene Therapies shares last traded at $2.74, with a volume of 392,262 shares trading hands.

Specifically, major shareholder Paul B. Manning purchased 750,000 shares of Taysha Gene Therapies stock in a transaction dated Friday, May 30th. The shares were acquired at an average price of $2.75 per share, with a total value of $2,062,500.00. Following the completion of the transaction, the insider now owns 2,841,704 shares of the company's stock, valued at approximately $7,814,686. This trade represents a 35.86% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

Several brokerages have issued reports on TSHA. Cantor Fitzgerald restated an "overweight" rating and set a $7.00 price objective on shares of Taysha Gene Therapies in a research note on Monday, April 28th. Chardan Capital upped their price target on Taysha Gene Therapies from $7.00 to $9.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Canaccord Genuity Group lifted their price objective on shares of Taysha Gene Therapies from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday. Citigroup reiterated an "outperform" rating on shares of Taysha Gene Therapies in a research note on Thursday, May 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $8.00 price target (up from $6.00) on shares of Taysha Gene Therapies in a research report on Monday, June 2nd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $7.57.

Taysha Gene Therapies Price Performance

The company has a market capitalization of $609.64 million, a P/E ratio of 4.51 and a beta of 0.90. The company has a quick ratio of 5.51, a current ratio of 5.51 and a debt-to-equity ratio of 0.48. The business has a 50 day simple moving average of $2.04 and a 200-day simple moving average of $1.92.

Taysha Gene Therapies (NASDAQ:TSHA - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). Taysha Gene Therapies had a negative net margin of 229.67% and a negative return on equity of 106.36%. The firm had revenue of $2.30 million for the quarter, compared to the consensus estimate of $1.48 million. During the same period last year, the firm posted ($0.10) EPS. Analysts predict that Taysha Gene Therapies, Inc. will post -0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Taysha Gene Therapies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its stake in Taysha Gene Therapies by 7.0% during the 1st quarter. Rhumbline Advisers now owns 205,462 shares of the company's stock valued at $286,000 after acquiring an additional 13,383 shares in the last quarter. Octagon Capital Advisors LP increased its holdings in shares of Taysha Gene Therapies by 2.4% during the first quarter. Octagon Capital Advisors LP now owns 10,700,000 shares of the company's stock valued at $14,873,000 after purchasing an additional 250,000 shares during the period. Granahan Investment Management LLC raised its stake in shares of Taysha Gene Therapies by 0.3% during the first quarter. Granahan Investment Management LLC now owns 1,640,793 shares of the company's stock valued at $2,281,000 after purchasing an additional 4,412 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Taysha Gene Therapies by 325.6% during the first quarter. AQR Capital Management LLC now owns 107,899 shares of the company's stock valued at $150,000 after purchasing an additional 82,545 shares in the last quarter. Finally, ADAR1 Capital Management LLC lifted its holdings in Taysha Gene Therapies by 500.0% in the first quarter. ADAR1 Capital Management LLC now owns 1,066,309 shares of the company's stock worth $1,482,000 after purchasing an additional 888,602 shares during the period. 77.70% of the stock is owned by institutional investors.

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.