Tenaya Therapeutics (NASDAQ:TNYA) Shares Down 5% – Here’s What Happened

Tenaya Therapeutics, Inc. (NASDAQ:TNYA)’s stock price dropped 5% during mid-day trading on Monday . The company traded as low as $0.66 and last traded at $0.66. Approximately 3,011,841 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 4,371,860 shares. The stock had previously closed at $0.6946.

Wall Street Analyst Weigh In

TNYA has been the topic of a number of recent research reports. Canaccord Genuity Group lowered their target price on Tenaya Therapeutics from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, December 18th. Wall Street Zen downgraded Tenaya Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tenaya Therapeutics in a research report on Wednesday, January 21st. Leerink Partners reaffirmed an “outperform” rating and issued a $2.00 target price on shares of Tenaya Therapeutics in a research report on Thursday, March 12th. Finally, HC Wainwright lowered their target price on Tenaya Therapeutics from $5.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.00.

Tenaya Therapeutics Stock Performance

The firm’s fifty day moving average is $0.73 and its 200 day moving average is $1.06. The firm has a market cap of $143.22 million, a P/E ratio of -1.06 and a beta of 2.99.

Tenaya Therapeutics (NASDAQ:TNYA) last posted its earnings results on Wednesday, March 11th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). As a group, equities research analysts forecast that Tenaya Therapeutics, Inc. will post -1.35 EPS for the current year.

Insider Activity at Tenaya Therapeutics

In other news, major shareholder Group Gp Lp Column III sold 4,056,573 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $0.68, for a total value of $2,758,469.64. Following the transaction, the insider owned 2,348,183 shares of the company’s stock, valued at approximately $1,596,764.44. This represents a 63.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 8,594,047 shares of company stock valued at $5,430,207 over the last 90 days. 48.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tenaya Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC acquired a new position in shares of Tenaya Therapeutics in the fourth quarter valued at approximately $72,000. Sphera Funds Management LTD. acquired a new position in shares of Tenaya Therapeutics in the fourth quarter valued at approximately $1,067,000. Millennium Management LLC grew its position in shares of Tenaya Therapeutics by 2.5% in the fourth quarter. Millennium Management LLC now owns 4,615,746 shares of the company’s stock valued at $3,284,000 after purchasing an additional 111,154 shares during the last quarter. Bridgeway Capital Management LLC grew its position in shares of Tenaya Therapeutics by 883.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 194,800 shares of the company’s stock valued at $139,000 after purchasing an additional 175,000 shares during the last quarter. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Tenaya Therapeutics in the fourth quarter valued at approximately $1,071,000. Institutional investors and hedge funds own 90.54% of the company’s stock.

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.