Tenaya Therapeutics (NASDAQ:TNYA) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Wall Street Zen upgraded Tenaya Therapeutics from “sell” to “hold”, while broader analyst sentiment remains mixed but leans positive with a Moderate Buy consensus and a $4.00 average price target.
• The stock jumped 17.9% to open at $1.00, giving the company a market cap of about $217 million; it still trades well below its 52-week high of $2.35.
• Tenaya’s latest earnings met EPS estimates at $(0.09), but revenue fell far short of expectations at $0.23 million versus $7.50 million projected, highlighting ongoing challenges for the clinical-stage biotech.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other equities analysts have also recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Tenaya Therapeutics in a research note on Wednesday, January 21st. Lifesci Capital raised shares of Tenaya Therapeutics to a "strong-buy" rating in a research note on Thursday, March 5th. Leerink Partners restated an "outperform" rating and set a $2.00 price objective on shares of Tenaya Therapeutics in a research report on Thursday, March 12th. Chardan Capital restated a "buy" rating and set a $8.00 price objective on shares of Tenaya Therapeutics in a research report on Thursday, March 12th. Finally, William Blair restated an "outperform" rating on shares of Tenaya Therapeutics in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Tenaya Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $4.00.

Tenaya Therapeutics Trading Up 17.9%

Tenaya Therapeutics stock opened at $1.00 on Friday. The stock has a market cap of $217 million, a price-to-earnings ratio of -2.13 and a beta of 2.77. The company's 50-day moving average price is $0.73 and its two-hundred day moving average price is $0.92. Tenaya Therapeutics has a 52 week low of $0.36 and a 52 week high of $2.35.

Tenaya Therapeutics (NASDAQ:TNYA - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, meeting the consensus estimate of ($0.09). The company had revenue of $0.23 million for the quarter, compared to analyst estimates of $7.50 million. Research analysts expect that Tenaya Therapeutics will post -0.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenaya Therapeutics

In other news, major shareholder Group Gp Lp Column III sold 4,056,573 shares of the firm's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $0.68, for a total transaction of $2,758,469.64. Following the completion of the transaction, the insider owned 2,348,183 shares in the company, valued at approximately $1,596,764.44. This trade represents a 63.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders have sold 8,594,047 shares of company stock worth $5,430,207. Company insiders own 48.65% of the company's stock.

Hedge Funds Weigh In On Tenaya Therapeutics

Several large investors have recently made changes to their positions in the business. Woodline Partners LP boosted its position in shares of Tenaya Therapeutics by 30,563.2% during the 1st quarter. Woodline Partners LP now owns 5,916,167 shares of the company's stock valued at $3,373,000 after purchasing an additional 5,896,873 shares in the last quarter. Empery Asset Management LP acquired a new position in shares of Tenaya Therapeutics in the fourth quarter worth about $3,852,000. Vanguard Group Inc. boosted its holdings in shares of Tenaya Therapeutics by 6.5% in the third quarter. Vanguard Group Inc. now owns 5,064,857 shares of the company's stock worth $8,205,000 after buying an additional 309,530 shares during the period. Millennium Management LLC boosted its holdings in shares of Tenaya Therapeutics by 2.5% in the fourth quarter. Millennium Management LLC now owns 4,615,746 shares of the company's stock worth $3,284,000 after buying an additional 111,154 shares during the period. Finally, Anson Funds Management LP acquired a new position in shares of Tenaya Therapeutics in the fourth quarter worth about $2,955,000. Institutional investors own 90.54% of the company's stock.

Tenaya Therapeutics Company Profile

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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