On Wednesday, Canaccord Genuity adjusted its price target for Taysha Gene Therapies (NASDAQ:TSHA), reducing it to $6.00 from the previous $7.00. Despite the lower price target, the firm maintained a Buy rating for the biotechnology company stock.
The decision comes after Taysha's second-quarter report for 2024, which the analyst described as "largely uneventful," following the pediatric Rett syndrome data presented at the International Rett Syndrome Foundation (IRSF) conference in June.
Taysha Gene Therapies intends to use the Regenerative Medicine Advanced Therapy (RMAT) designation to expedite its regulatory interactions, planning a clinical Type B meeting with regulators this quarter.
Furthermore, the company aims to present more comprehensive data for future patients. In light of this, the firm anticipates data updates for Cohort 2 patients in the first half of 2025, a shift from the previously expected second half of 2024.
The Canaccord Genuity analyst reaffirmed the Buy rating on Taysha, emphasizing the company's strategic regulatory engagement and the upcoming data presentations. This optimistic stance is maintained even as the price target sees a reduction.
The adjustment to the price target was attributed to the incorporation of the second-quarter financial results into Canaccord's model, as well as the impact of Taysha's $76.8 million public follow-on offering that took place in June.
The lowered price target reflects a revised outlook based on recent company activities and financial updates. Taysha Gene Therapies is actively working towards advancing its gene therapy treatments, and the RMAT designation is expected to facilitate its progress with the regulatory authorities. The market will be looking forward to the data updates promised for the first half of 2025.
In other recent news, Taysha Gene Therapies has reported significant progress in their Phase 1/2 trials for their TSHA-102 gene therapy program for Rett Syndrome. The company has provided positive safety and efficacy data from the low-dose cohort and has initiated the high-dose cohort, expanding the pediatric trial into Canada.
Financially, Taysha's balance sheet has been bolstered with a public follow-on offering, extending the company's cash runway into the fourth quarter of 2026.
The recent developments include improvements in Rett Syndrome patients' motor skills, communication, and socialization due to TSHA-102. Despite reporting a net loss of $20.9 million for the quarter, the company maintains a stable financial position with $172.7 million in cash. The company plans to share safety and efficacy data from high-dose cohorts and updates on low-dose cohorts in 2025.
Taysha Gene Therapies is aiming to develop a transformative therapy for Rett Syndrome, a condition with no approved disease-modifying treatments. The company is anticipating discussions with the FDA, using the RMAT designation to facilitate updates.
These are recent developments in Taysha Gene Therapies' ongoing efforts to advance their TSHA-102 gene therapy candidate for Rett Syndrome.
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