Mar. 19 at 7:57 PM
Raymond James on
$TSHA (Strong Buy;
$13) said, Remain Strong Buy rated on TSHA shares and come away from the company's 4Q25 earnings call feeling incrementally more confident in management's articulated plan to file on 6-month REVEAL Part B data.
$NGNE $ACAD $AVXL
Raymond James added—Given the written FDA
feedback around equivalency between Part A and Part B product, and given that that Part A patients (n=12) will have a 12-month follow-up, and be included in the BLA, we feel confident that the overall package, once submitted, will be sufficient for filing. With 6-month Part B data anticipated YE26, we assume a 1H27 BLA filing and 4Q27 approval and launch.
When combined with a clear risk/reward advantage vis-a-vis competitor NGN-401 and a large, unmet need among the Rett syndrome patient population, we anticipate strong uptake with revenue of
$92.2M,
$284.0M,
$545.6M, and
$846.1M for FY27-FY30, respectively. Price target remains
$13.
