Morgan Stanley Cuts Tenaya Therapeutics (NASDAQ:TNYA) Price Target to $5.00

Tenaya Therapeutics (NASDAQ:TNYA) had its target price lowered by Morgan Stanley from $15.00 to $5.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

TNYA has been the subject of a number of other reports. Chardan Capital reduced their target price on shares of Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday. HC Wainwright reduced their price objective on Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Tenaya Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $6.25.

Tenaya Therapeutics Stock Up 4.3 %

Shares of NASDAQ TNYA opened at $0.70 on Wednesday. The firm has a market cap of $55.37 million, a P/E ratio of -0.49 and a beta of 2.83. Tenaya Therapeutics has a twelve month low of $0.39 and a twelve month high of $5.39. The company has a 50 day moving average of $1.06 and a 200 day moving average of $1.82.

Tenaya Therapeutics (NASDAQ:TNYA) last announced its quarterly earnings results on Monday, March 17th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.04. As a group, equities analysts expect that Tenaya Therapeutics will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenaya Therapeutics

In related news, major shareholder Group Gp Lp Column III bought 35,714,284 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were acquired at an average cost of $0.70 per share, for a total transaction of $24,999,998.80. Following the purchase, the insider now directly owns 49,313,559 shares of the company’s stock, valued at approximately $34,519,491.30. The trade was a 262.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 19,621 shares of company stock worth $10,595 over the last 90 days. Company insiders own 32.76% of the company’s stock.

Hedge Funds Weigh In On Tenaya Therapeutics

Several institutional investors have recently bought and sold shares of the business. Woodline Partners LP purchased a new stake in shares of Tenaya Therapeutics during the 4th quarter worth $28,000. Trustees of Columbia University in the City of New York purchased a new stake in shares of Tenaya Therapeutics during the fourth quarter valued at about $417,000. Nuveen Asset Management LLC boosted its holdings in shares of Tenaya Therapeutics by 25.2% in the 4th quarter. Nuveen Asset Management LLC now owns 345,192 shares of the company’s stock valued at $494,000 after buying an additional 69,377 shares in the last quarter. Ground Swell Capital LLC bought a new stake in shares of Tenaya Therapeutics in the 4th quarter valued at about $32,000. Finally, Deutsche Bank AG grew its position in shares of Tenaya Therapeutics by 304.1% in the 4th quarter. Deutsche Bank AG now owns 129,319 shares of the company’s stock worth $185,000 after buying an additional 97,318 shares during the last quarter. 90.54% of the stock is owned by hedge funds and other 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.