Tenaya Therapeutics (NASDAQ:TNYA) Shares Down 0.3% - Time to Sell?

Tenaya Therapeutics, Inc. (NASDAQ:TNYA - Get Free Report) shares dropped 0.3% on Thursday . The stock traded as low as $0.60 and last traded at $0.61. Approximately 779,192 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 2,704,307 shares. The stock had previously closed at $0.61.

Analyst Ratings Changes

Several brokerages have commented on TNYA. HC Wainwright restated a "buy" rating and issued a $5.00 target price on shares of Tenaya Therapeutics in a research note on Friday, April 25th. Chardan Capital restated a "buy" rating and issued a $9.00 target price on shares of Tenaya Therapeutics in a research note on Friday, May 9th. Canaccord Genuity Group cut their target price on Tenaya Therapeutics from $18.00 to $6.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Finally, Morgan Stanley cut their target price on Tenaya Therapeutics from $15.00 to $5.00 and set an "overweight" rating for the company in a research note on Wednesday, March 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $6.25.

Tenaya Therapeutics Stock Performance

The stock has a 50-day moving average price of $0.53 and a 200-day moving average price of $0.79. The stock has a market cap of $94.89 million, a P/E ratio of -0.50 and a beta of 3.00.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). Sell-side analysts forecast that Tenaya Therapeutics, Inc. will post -1.35 earnings per share for the current fiscal year.

Institutional Trading of Tenaya Therapeutics

A number of hedge funds have recently bought and sold shares of TNYA. Commonwealth Equity Services LLC bought a new stake in Tenaya Therapeutics in the 4th quarter worth approximately $64,000. Virtu Financial LLC bought a new stake in Tenaya Therapeutics in the 4th quarter worth approximately $150,000. Sei Investments Co. bought a new stake in Tenaya Therapeutics in the 4th quarter worth approximately $100,000. JPMorgan Chase & Co. lifted its position in Tenaya Therapeutics by 20,670.3% in the 4th quarter. JPMorgan Chase & Co. now owns 5,155,596 shares of the company's stock worth $7,373,000 after buying an additional 5,130,774 shares during the last quarter. Finally, Mariner LLC purchased a new position in Tenaya Therapeutics in the 4th quarter worth approximately $30,000. Institutional investors own 90.54% of the company's stock.

About Tenaya Therapeutics

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.