Tenaya Therapeutics (NASDAQ:TNYA) Issues Quarterly Earnings Results

Key Points

• Tenaya Therapeutics missed quarterly expectations: The company reported an adjusted loss of $0.20 per share versus the $0.08 consensus loss, while revenue of $1.11 million fell well short of the $10 million estimate.
• Shares traded near $0.78, with a market capitalization of approximately $170 million. The stock remains well below its 52-week high of $2.35, despite analysts’ average price target of $4.00 and a consensus rating of “Moderate Buy.”
• Institutional investors own approximately 90.54% of the stock, with several funds adding or initiating positions. Tenaya is a clinical-stage biotechnology company developing AAV-based gene therapies for inherited cardiovascular diseases.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) released its earnings results on Wednesday. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12), FiscalAI reports. The business had revenue of $1.11 million for the quarter, compared to the consensus estimate of $10.00 million.

Tenaya Therapeutics Price Performance

Shares of Tenaya Therapeutics stock traded up $0.04 during trading on Wednesday, hitting $0.78. 3,427,028 shares of the company were exchanged, compared to its average volume of 3,758,613. The firm has a market capitalization of $170.28 million, a P/E ratio of -1.67 and a beta of 2.83. The firm's fifty day moving average price is $0.77 and its 200 day moving average price is $0.76. Tenaya Therapeutics has a 1-year low of $0.53 and a 1-year high of $2.35.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Weiss Ratings raised shares of Tenaya Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 28th. Wall Street Zen cut shares of Tenaya Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $4.00.

Hedge Funds Weigh In On Tenaya Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC bought a new stake in shares of Tenaya Therapeutics in the 4th quarter valued at $72,000. Sphera Funds Management LTD. acquired a new position in Tenaya Therapeutics in the fourth quarter valued at about $1,067,000. Millennium Management LLC grew its stake in Tenaya Therapeutics by 2.5% in the fourth quarter. Millennium Management LLC now owns 4,615,746 shares of the company's stock valued at $3,284,000 after acquiring an additional 111,154 shares during the period. Bridgeway Capital Management LLC increased its holdings in shares of Tenaya Therapeutics by 883.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 194,800 shares of the company's stock worth $139,000 after acquiring an additional 175,000 shares in the last quarter. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Tenaya Therapeutics in the fourth quarter worth about $1,071,000. Institutional investors and hedge funds own 90.54% of the company's stock.

About Tenaya Therapeutics

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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