Tenaya Therapeutics (NASDAQ:TNYA) Issues Earnings Results, Meets Expectations

Tenaya Therapeutics (NASDAQ:TNYA) issued its quarterly earnings data on Wednesday. The company reported ($0.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.12), FiscalAI reports.

Tenaya Therapeutics Price Performance

Tenaya Therapeutics stock traded down $0.04 during midday trading on Wednesday, reaching $0.86. The company’s stock had a trading volume of 5,677,093 shares, compared to its average volume of 4,788,820. The stock has a market capitalization of $140.60 million, a P/E ratio of -1.10 and a beta of 3.22. The stock’s 50-day simple moving average is $0.72 and its 200-day simple moving average is $1.12. Tenaya Therapeutics has a 52-week low of $0.36 and a 52-week high of $2.35.

Insiders Place Their Bets

In other Tenaya Therapeutics news, major shareholder Group Gp Lp Column III sold 3,511,826 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $0.56, for a total transaction of $1,966,622.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 8,594,047 shares of company stock worth $5,430,207. 48.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TNYA. Comerica Bank purchased a new position in shares of Tenaya Therapeutics in the first quarter worth about $50,000. AQR Capital Management LLC purchased a new stake in Tenaya Therapeutics in the first quarter valued at approximately $442,000. Woodline Partners LP boosted its position in Tenaya Therapeutics by 30,563.2% in the first quarter. Woodline Partners LP now owns 5,916,167 shares of the company’s stock valued at $3,373,000 after buying an additional 5,896,873 shares during the last quarter. Marshall Wace LLP acquired a new position in Tenaya Therapeutics in the 2nd quarter worth approximately $90,000. Finally, Cerity Partners LLC raised its holdings in shares of Tenaya Therapeutics by 403.5% during the second quarter. Cerity Partners LLC now owns 110,336 shares of the company’s stock worth $67,000 after purchasing an additional 88,424 shares during the last quarter. 90.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TNYA has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Tenaya Therapeutics in a research report on Wednesday, January 21st. HC Wainwright cut their price objective on shares of Tenaya Therapeutics from $5.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, December 12th. Morgan Stanley set a $2.00 price objective on shares of Tenaya Therapeutics in a research note on Thursday, January 8th. Lifesci Capital raised shares of Tenaya Therapeutics to a “strong-buy” rating in a research report on Thursday, March 5th. Finally, Chardan Capital lowered their target price on shares of Tenaya Therapeutics from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Tenaya Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $4.50.

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.