Canaccord Genuity Group Reaffirms “Buy” Rating for Tenaya Therapeutics (NASDAQ:TNYA)

Canaccord Genuity Group reaffirmed their buy rating on shares of Tenaya Therapeutics (NASDAQ:TNYA) in a research report released on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a $16.00 price objective on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Tenaya Therapeutics in a research report on Friday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.25.

Tenaya Therapeutics Price Performance

TNYA opened at $2.04 on Friday. The stock’s 50 day moving average price is $2.27 and its 200-day moving average price is $3.27. Tenaya Therapeutics has a 52-week low of $1.61 and a 52-week high of $7.01.

Tenaya Therapeutics (NASDAQ:TNYA) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.06. As a group, sell-side analysts predict that Tenaya Therapeutics will post -1.52 earnings per share for the current fiscal year.

Insider Activity at Tenaya Therapeutics

In other Tenaya Therapeutics news, CEO Faraz Ali sold 9,748 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $2.89, for a total value of $28,171.72. Following the sale, the chief executive officer now owns 188,331 shares in the company, valued at approximately $544,276.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 19,539 shares of company stock valued at $56,468 in the last three months. Company insiders own 32.76% of the company’s stock.

Institutional Investors Weigh In On Tenaya Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in shares of Tenaya Therapeutics during the third quarter valued at $49,000. The Manufacturers Life Insurance Company increased its stake in Tenaya Therapeutics by 43.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,199 shares of the company’s stock valued at $72,000 after purchasing an additional 7,000 shares in the last quarter. Algert Global LLC purchased a new position in Tenaya Therapeutics in the second quarter worth about $74,000. Panagora Asset Management Inc. purchased a new position in Tenaya Therapeutics in the second quarter worth about $164,000. Finally, HighPoint Advisor Group LLC bought a new position in shares of Tenaya Therapeutics in the fourth quarter worth approximately $228,000. 90.54% of the stock is owned by 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.