Taysha Gene Therapies (NASDAQ:TSHA) Trading 10.5% Higher - What's Next?

Taysha Gene Therapies, Inc. (NASDAQ:TSHA - Get Free Report)'s share price rose 10.5% during mid-day trading on Wednesday . The stock traded as high as $3.01 and last traded at $2.89. Approximately 2,897,806 shares were traded during trading, a decline of 5% from the average daily volume of 3,048,486 shares. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TSHA shares. JMP Securities increased 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 report on Thursday, May 29th. Citigroup reissued an "outperform" rating on shares of Taysha Gene Therapies in a report on Thursday, May 29th. Canaccord Genuity Group boosted their price objective on Taysha Gene Therapies from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $7.00 target price on shares of Taysha Gene Therapies in a research report on Monday, April 28th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $8.00 target price on shares of Taysha Gene Therapies in a research note on Tuesday. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $7.57.

Taysha Gene Therapies Stock Performance

The stock's 50-day simple moving average is $2.18 and its 200-day simple moving average is $1.94. The stock has a market cap of $545.24 million, a price-to-earnings ratio of 4.03 and a beta of 1.04. The company has a current ratio of 5.51, a quick ratio of 5.51 and a debt-to-equity ratio of 0.48.

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

Insider Activity at Taysha Gene Therapies

In other Taysha Gene Therapies news, major shareholder Paul B. Manning bought 750,000 shares of the business's stock in a transaction on Friday, May 30th. The stock was purchased at an average cost of $2.75 per share, for a total transaction of $2,062,500.00. Following the completion of the purchase, the insider now directly 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 3.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Taysha Gene Therapies

Institutional investors have recently modified their holdings of the business. Octagon Capital Advisors LP grew its position in Taysha Gene Therapies by 128.6% in the fourth quarter. Octagon Capital Advisors LP now owns 10,450,000 shares of the company's stock valued at $18,078,000 after acquiring an additional 5,877,778 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Taysha Gene Therapies during the 4th quarter valued at approximately $8,650,000. Bank of America Corp DE increased its position in Taysha Gene Therapies by 1,178.9% during the 4th quarter. Bank of America Corp DE now owns 1,710,303 shares of the company's stock worth $2,959,000 after purchasing an additional 1,576,568 shares in the last quarter. Norges Bank bought a new position in Taysha Gene Therapies in the 4th quarter valued at approximately $2,528,000. Finally, Avoro Capital Advisors LLC boosted its position in Taysha Gene Therapies by 7.2% in the fourth quarter. Avoro Capital Advisors LLC now owns 19,999,999 shares of the company's stock valued at $34,600,000 after buying an additional 1,349,999 shares in the last quarter. Institutional investors and hedge funds own 77.70% of the company's stock.

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.