Tenaya Therapeutics (NASDAQ:TNYA) Cut to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Tenaya Therapeutics to “strong sell” from “sell,” despite the broader analyst consensus remaining “Moderate Buy” with a $4.00 target price.
• Tenaya shares opened at $0.69, near their 52-week low of $0.53 and well below the 52-week high of $2.35. The company has a market capitalization of about $154.7 million.
• The clinical-stage biotech reported a quarterly loss of $0.20 per share, missing the $0.07 consensus estimate, while revenue of $1.11 million fell far short of the $10 million forecast.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Saturday.

Separately, Weiss Ratings raised shares of Tenaya Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Tenaya Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $4.00.

Tenaya Therapeutics Price Performance

Shares of TNYA stock opened at $0.69 on Friday. The stock's fifty day moving average price is $0.76 and its 200 day moving average price is $0.75. Tenaya Therapeutics has a 1-year low of $0.53 and a 1-year high of $2.35. The company has a market cap of $154.74 million, a price-to-earnings ratio of -1.30 and a beta of 2.83.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.13). The business had revenue of $1.11 million during the quarter, compared to the consensus estimate of $10.00 million. As a group, equities research analysts anticipate that Tenaya Therapeutics will post -0.42 earnings per share for the current year.

Hedge Funds Weigh In On Tenaya Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank acquired a new stake in Tenaya Therapeutics during the 1st quarter worth about $50,000. AQR Capital Management LLC purchased a new position in shares of Tenaya Therapeutics in the first quarter worth about $442,000. Woodline Partners LP raised its stake in shares of Tenaya Therapeutics by 30,563.2% in the first quarter. Woodline Partners LP now owns 5,916,167 shares of the company's stock worth $3,373,000 after purchasing an additional 5,896,873 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Tenaya Therapeutics during the second quarter worth about $90,000. Finally, Cerity Partners LLC boosted its position in Tenaya Therapeutics by 403.5% in the second quarter. Cerity Partners LLC now owns 110,336 shares of the company's stock valued at $67,000 after buying an additional 88,424 shares during the last quarter. Hedge funds and other institutional investors own 90.54% of the company's stock.

Tenaya Therapeutics Company Profile

Tenaya Therapeutics is a clinical‐stage biotechnology company focused on the discovery and development of gene therapy solutions for cardiovascular diseases. Leveraging a proprietary adeno‐associated virus (AAV) platform, the company aims to deliver durable, one‐time treatments for patients suffering from genetic cardiomyopathies and other inherited heart disorders. Its research programs center on optimizing vector design, delivery methods and manufacturing processes to enhance tissue specificity and minimize immune responses.

Founded in 2018 and headquartered in San Carlos, California, Tenaya has built a diversified pipeline of product candidates targeting conditions such as hypertrophic cardiomyopathy and other genetically driven forms of heart disease.

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