Tenaya Therapeutics (NASDAQ:TNYA) Stock Price Down 4.4% - Here's Why

Key Points

• Shares fell 4.4% mid-day to $0.6603 (intraday low $0.6550) on volume of 3,219,213 shares, down 21% from average; the stock trades below its 50‑day ($0.72) and 200‑day ($0.96) moving averages and has a market cap of $143.3M.
• Analysts are mixed but the consensus is a "Moderate Buy" with an average target price of $4.00, reflecting one Strong Buy, five Buy and one Sell rating and price targets ranging roughly $2–$8.
• Major insider selling occurred when Group GP LP Column III sold 4,056,573 shares on Feb. 11 for about $2.76M (a 63% reduction), and insiders have sold 8,594,047 shares over the past 90 days while insiders and institutions own 48.65% and 90.54% of the stock, respectively.

Tenaya Therapeutics, Inc. (NASDAQ:TNYA - Get Free Report)'s share price dropped 4.4% during mid-day trading on Wednesday . The stock traded as low as $0.6550 and last traded at $0.6603. 3,219,213 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 4,099,346 shares. The stock had previously closed at $0.6910.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TNYA shares. Wall Street Zen lowered shares of Tenaya Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, March 14th. Chardan Capital reissued a "buy" rating and issued a $8.00 target price on shares of Tenaya Therapeutics in a research report on Thursday, March 12th. Morgan Stanley set a $2.00 price target on Tenaya Therapeutics in a research note on Thursday, January 8th. Leerink Partners reaffirmed an "outperform" rating and set a $2.00 price target on shares of Tenaya Therapeutics in a research report on Thursday, March 12th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Tenaya Therapeutics in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $4.00.

Tenaya Therapeutics Price Performance

The company has a 50 day moving average price of $0.72 and a 200 day moving average price of $0.96. The firm has a market cap of $143.29 million, a PE ratio of -1.06 and a beta of 2.99.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) last posted its quarterly earnings data on Wednesday, March 11th. The company reported ($0.12) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.12). On average, equities analysts anticipate that Tenaya Therapeutics, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Group Gp Lp Column III sold 4,056,573 shares of the firm's stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $0.68, for a total value of $2,758,469.64. Following the completion of the sale, the insider directly owned 2,348,183 shares of the company's stock, valued at $1,596,764.44. This trade represents a 63.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 8,594,047 shares of company stock worth $5,430,207. Corporate insiders own 48.65% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Scientech Research LLC acquired a new position in Tenaya Therapeutics during the third quarter worth $27,000. Comerica Bank purchased a new position in Tenaya Therapeutics during the 1st quarter valued at about $50,000. Cerity Partners LLC increased its holdings in Tenaya Therapeutics by 403.5% during the 2nd quarter. Cerity Partners LLC now owns 110,336 shares of the company's stock valued at $67,000 after acquiring an additional 88,424 shares in the last quarter. Corient Private Wealth LLC acquired a new position in Tenaya Therapeutics during the fourth quarter worth about $72,000. Finally, Cetera Investment Advisers raised its position in Tenaya Therapeutics by 107.0% during the fourth quarter. Cetera Investment Advisers now owns 106,425 shares of the company's stock worth $76,000 after acquiring an additional 55,000 shares during the last quarter. 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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