Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Receives $6.25 Average Target Price from Analysts

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) has earned an average rating of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $6.25.

TNYA has been the topic of several recent analyst reports. Canaccord Genuity Group cut their price objective on shares of Tenaya Therapeutics from $18.00 to $6.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of Tenaya Therapeutics in a research note on Monday. Morgan Stanley decreased their price target on shares of Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Finally, Chardan Capital dropped their price objective on shares of Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th.

Insiders Place Their Bets

In other Tenaya Therapeutics news, major shareholder Group Gp Lp Column III purchased 35,714,284 shares of the stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $0.70 per share, with a total value of $24,999,998.80. Following the completion of the acquisition, the insider now owns 49,313,559 shares in the company, valued at $34,519,491.30. This trade represents a 262.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 19,621 shares of company stock valued at $10,595. 32.76% of the stock is owned by insiders.

Institutional Investors Weigh In On Tenaya Therapeutics

Hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its holdings in Tenaya Therapeutics by 1.9% during the third quarter. FMR LLC now owns 1,345,938 shares of the company’s stock worth $2,598,000 after buying an additional 25,503 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Tenaya Therapeutics during the 3rd quarter valued at about $134,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Tenaya Therapeutics by 204.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 337,265 shares of the company’s stock valued at $651,000 after purchasing an additional 226,466 shares in the last quarter. State Street Corp raised its holdings in Tenaya Therapeutics by 0.9% in the 3rd quarter. State Street Corp now owns 1,058,898 shares of the company’s stock worth $2,044,000 after purchasing an additional 9,506 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Tenaya Therapeutics by 35.6% during the third quarter. Wellington Management Group LLP now owns 294,133 shares of the company’s stock worth $568,000 after purchasing an additional 77,235 shares in the last quarter. Hedge funds and other institutional investors own 90.54% of the company’s stock.

Tenaya Therapeutics Stock Performance

Shares of TNYA opened at $0.57 on Friday. The stock has a market capitalization of $49.93 million, a PE ratio of -0.40 and a beta of 2.83. The company has a 50 day moving average price of $0.89 and a 200-day moving average price of $1.67. Tenaya Therapeutics has a fifty-two week low of $0.39 and a fifty-two week high of $5.25.

Tenaya Therapeutics (NASDAQ:TNYA) last released its quarterly earnings results on Monday, March 17th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.04. Equities research analysts forecast that Tenaya Therapeutics will post -1.35 EPS for the current year.

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.