On Tuesday, Piper Sandler initiated coverage on Taysha Gene Therapies (NASDAQ:TSHA), assigning the stock an Overweight rating and setting a price target of $9.00.
The firm's assessment is based on the potential of Taysha's leading drug candidate, TSHA-102, which is being developed to treat Rett syndrome, a rare and severe neurological disorder. The current market valuation of Taysha Gene Therapies stands at approximately $500 million.
According to the analyst, TSHA-102 could significantly change the treatment landscape for Rett syndrome, which currently has a significant unmet medical need even with an approved therapy available. The analyst highlighted the presence of compelling clinical data that de-risks the asset, with expectations for more data that could further solidify the drug's profile in the near term.
The firm anticipates that Taysha's stock could see a substantial increase in value by mid-2024, with additional growth drivers expected toward the end of the year. The analyst projects that TSHA-102 may generate revenues exceeding $900 million, indicating a significant growth opportunity for the company's market capitalization.
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