Taysha Gene Therapies price target lowered to $5 from $6 at Truist

Truist analyst Joon Lee lowered the firm’s price target on Taysha Gene Therapies to $5 from $6 and keeps a Buy rating on the shares. The firm is citing the company’s “disappointing update” as Taysha disclosed that the FDA continued to request a placebo-controlled study for TSHA-120 in giant axonal neuropathy, an ultra-rare disease. Given the study design feasibility challenges associated with a placebo-controlled study and in order to preserve cash to focus on TSHA-102 for Rett syndrome, TSHA-120 will be discontinued, the analyst tells investors in a research note, adding that the firm is removing the program from its sum-of-parts valuation for the stock.