Tenaya Therapeutics (NASDAQ:TNYA) Stock Price Down 3.2% - Here's What Happened

Key Points

• Tenaya Therapeutics shares fell 3.2% to $0.5898, with trading volume surging 183% above the daily average.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $4.00, despite some rating downgrades.
• The company missed quarterly expectations, reporting a loss of $0.20 per share versus the estimated $0.07 loss and revenue of $1.11 million versus the $10 million forecast.

Tenaya Therapeutics, Inc. (NASDAQ:TNYA - Get Free Report)'s share price dropped 3.2% on Monday. The stock traded as low as $0.57 and last traded at $0.5898. Approximately 6,054,247 shares were traded during mid-day trading, an increase of 183% from the average daily volume of 2,142,620 shares. The stock had previously closed at $0.6096.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded Tenaya Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Sunday, September 6th. Weiss Ratings upgraded Tenaya Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 28th. One 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $4.00.

Tenaya Therapeutics Price Performance

The company has a market capitalization of $132.25 million, a price-to-earnings ratio of -1.11 and a beta of 2.77. The business's 50 day simple moving average is $0.70 and its 200 day simple moving average is $0.75.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) last announced its 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 firm had revenue of $1.11 million for the quarter, compared to analyst estimates of $10.00 million. As a group, analysts expect that Tenaya Therapeutics, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Trading of Tenaya Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP acquired a new position in shares of Tenaya Therapeutics in the second quarter valued at approximately $1,973,000. BlackRock Inc. acquired a new stake in shares of Tenaya Therapeutics during the second quarter worth $2,963,000. Renaissance Technologies LLC grew its position in Tenaya Therapeutics by 100.6% in the 1st quarter. Renaissance Technologies LLC now owns 3,713,761 shares of the company's stock valued at $2,571,000 after buying an additional 1,862,894 shares during the last quarter. Empery Asset Management LP purchased a new position in Tenaya Therapeutics in the 2nd quarter valued at $2,855,228. Finally, ADAR1 Capital Management LLC purchased a new position in Tenaya Therapeutics in the 2nd quarter valued at $1,150,000. 90.54% of the stock is owned by institutional investors and hedge funds.

About Tenaya Therapeutics

Tenaya Therapeutics, Inc is a clinical-stage biotechnology company focused on developing genetic medicines for cardiovascular diseases. The company uses gene therapy, gene editing and small-molecule approaches to address the underlying causes of inherited and acquired heart conditions rather than treating symptoms alone.

Tenaya's product candidates include TN-201, an adeno-associated virus gene replacement therapy being developed for patients with MYBPC3-associated hypertrophic cardiomyopathy, and TN-401, a gene therapy candidate designed to treat PKP2-associated arrhythmogenic right ventricular cardiomyopathy.

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