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

Tenaya Therapeutics (NASDAQ:TNYA) released 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 Stock Performance

Shares of TNYA traded down $0.04 during mid-day trading on Wednesday, hitting $0.86. 5,677,093 shares of the company were exchanged, compared to its average volume of 4,788,820. The stock has a market cap of $140.60 million, a price-to-earnings ratio of -1.10 and a beta of 3.22. Tenaya Therapeutics has a 1-year low of $0.36 and a 1-year high of $2.35. The company has a 50 day moving average of $0.72 and a 200-day moving average of $1.12.

Insider Transactions at Tenaya Therapeutics

In other Tenaya Therapeutics news, major shareholder Group Gp Lp Column III sold 3,511,826 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $0.56, for a total transaction of $1,966,622.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 8,594,047 shares of company stock valued at $5,430,207. Insiders own 48.65% of the company’s stock.

Institutional Trading of Tenaya Therapeutics

Institutional investors have recently made changes to their positions in the company. Scientech Research LLC acquired a new position in Tenaya Therapeutics in the 3rd quarter valued at $27,000. Geode Capital Management LLC boosted its stake in Tenaya Therapeutics by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 1,193,355 shares of the company’s stock worth $849,000 after purchasing an additional 17,820 shares during the last quarter. Cetera Investment Advisers boosted its stake in Tenaya Therapeutics by 107.0% during the 4th quarter. Cetera Investment Advisers now owns 106,425 shares of the company’s stock worth $76,000 after purchasing an additional 55,000 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Tenaya Therapeutics during the third quarter worth $99,000. Finally, Comerica Bank purchased a new stake in shares of Tenaya Therapeutics during the first quarter worth $50,000. 90.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

About Tenaya Therapeutics

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.