Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Analysts have given Tenaya Therapeutics, Inc. (NASDAQ:TNYA) a consensus recommendation of "Buy", with an average 12-month price target of $6.25.
• Despite a recent drop of 5.3% in stock price, Tenaya reported better-than-expected quarterly earnings, with an EPS of ($0.14) compared to estimates of ($0.20).
• A significant 90.54% of Tenaya's stock is currently owned by hedge funds and institutional investors, indicating strong institutional interest in the company.

Shares of Tenaya Therapeutics, Inc. (NASDAQ:TNYA - Get Free Report) have been assigned an average recommendation of "Buy" from the six brokerages that are currently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have covered the stock in the last year is $6.25.

A number of equities analysts recently weighed in on the company. HC Wainwright reissued a "buy" rating and issued a $5.00 price target on shares of Tenaya Therapeutics in a research note on Wednesday. Wall Street Zen upgraded Tenaya Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Chardan Capital restated a "buy" rating and issued a $9.00 target price on shares of Tenaya Therapeutics in a report on Thursday, August 7th.

Tenaya Therapeutics Trading Up 2.7%

NASDAQ:TNYA traded up $0.03 during mid-day trading on Tuesday, reaching $1.13. 2,955,884 shares of the stock were exchanged, compared to its average volume of 3,973,374. The business has a fifty day moving average price of $0.80 and a 200 day moving average price of $0.67. The firm has a market capitalization of $184.17 million, a PE ratio of -1.18 and a beta of 3.01. Tenaya Therapeutics has a 1-year low of $0.36 and a 1-year high of $4.01.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.06. On average, sell-side analysts forecast that Tenaya Therapeutics will post -1.35 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC bought a new position in Tenaya Therapeutics in the 4th quarter worth approximately $45,000. Northern Trust Corp lifted its holdings in shares of Tenaya Therapeutics by 6.2% during the fourth quarter. Northern Trust Corp now owns 472,479 shares of the company's stock valued at $676,000 after acquiring an additional 27,632 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Tenaya Therapeutics during the first quarter worth $33,000. Deutsche Bank AG grew its holdings in shares of Tenaya Therapeutics by 304.1% during the fourth quarter. Deutsche Bank AG now owns 129,319 shares of the company's stock worth $185,000 after purchasing an additional 97,318 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in Tenaya Therapeutics by 25.2% in the fourth quarter. Nuveen Asset Management LLC now owns 345,192 shares of the company's stock valued at $494,000 after acquiring an additional 69,377 shares during the last quarter. 90.54% of the stock is owned by institutional investors.

Tenaya Therapeutics Company Profile

Tenaya Therapeutics, Inc, a biotechnology company, discovers, develops, and delivers therapies for heart disease in the United States. It develops its products through gene editing, cellular regeneration, and gene addition. The company is developing TN-201, a gene therapy for myosin binding protein C3-associated hypertrophic cardiomyopathy which is in phase 1 clinical trial; TN-301, a small molecule for heart failure with preserved ejection fraction which is in phase 1 clinical trial; and TN-401, a gene therapy for plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy which is in preclinical stage.