Shares of Taysha Gene Therapies (NASDAQ: TSHA) have been downgraded from a hold rating to a sell rating by Wall Street Zen, according to a research note released on Saturday. This decision reflects a broader shift in analysts’ sentiments regarding the company, with several firms recently revising their ratings and price targets.
In a report published on October 21, 2023, Raymond James Financial initiated coverage on Taysha Gene Therapies with a strong-buy rating and set a price objective of $13.00. Meanwhile, Citizens JMP raised its target price from $6.00 to $8.00, assigning the stock a market outperform rating in their report on November 5, 2023. Additionally, Needham & Company LLC reaffirmed its buy rating and issued a price target of $10.00 on the same date. Citigroup also maintained its outperform rating for Taysha Gene Therapies.
Despite these positive assessments, Weiss Ratings reiterated a sell (e+) rating on October 30, 2023, indicating mixed opinions among analysts. Currently, one investment analyst has rated the stock as a strong buy, while ten analysts have issued buy ratings and one has assigned a sell rating. As reported by MarketBeat, the average consensus rating stands at “Moderate Buy” with a consensus price target of $9.70.
Recent Financial Performance and Insider Activity
Taysha Gene Therapies disclosed its latest earnings results on November 4, 2023, reporting an earnings per share (EPS) of ($0.09), aligning with the consensus estimate. The company has faced significant financial challenges, reflected in a net margin of -1,144.97% and a negative return on equity of -67.26%. Analysts project that Taysha Gene Therapies will post an EPS of -0.35 for the current fiscal year.
In terms of insider trading, Sukumar Nagendran, an insider at Taysha Gene Therapies, sold 200,000 shares of the company’s stock on September 10, 2023, at an average price of $3.23, amounting to a total value of $646,000. Following this transaction, Nagendran retained ownership of 1,006,439 shares, now valued at approximately $3.25 million. The sale, which represented a 16.58% decrease in ownership, was publicly disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Institutional Investment Trends
Recent activities among institutional investors have also influenced the stock’s dynamics. Nuveen LLC acquired a new stake in Taysha Gene Therapies valued at $760,000 during the first quarter of the year. Octagon Capital Advisors LP increased its holdings by 2.4%, now owning 10,700,000 shares worth approximately $14.87 million after purchasing an additional 250,000 shares.
Moreover, ADAR1 Capital Management LLC significantly increased its stake by 500%, acquiring 1,066,309 shares valued at $1.48 million after adding 888,602 shares in the previous quarter. Other notable investors include XTX Topco Ltd and Jefferies Financial Group Inc., which purchased new stakes valued at approximately $282,000 and $341,000, respectively. Currently, institutional investors hold 77.70% of Taysha Gene Therapies’ stock.
Taysha Gene Therapies, based in the United States, focuses on developing and commercializing adeno-associated virus-based gene therapies aimed at treating monogenic diseases of the central nervous system. The company is actively working on several treatments, including TSHA-120 for giant axonal neuropathy and TSHA-102 for Rett syndrome, among others.
As analysts and investors keep a close eye on Taysha Gene Therapies’ performance, the evolving landscape of ratings and institutional holdings will be critical in shaping the company’s future trajectory.
