Tenaya Therapeutics (NASDAQ:TNYA) Given New $5.00 Price Target at Morgan Stanley

Tenaya Therapeutics (NASDAQ:TNYA) had its price objective reduced by Morgan Stanley from $15.00 to $5.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also commented on TNYA. HC Wainwright dropped their target price on Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday. Chardan Capital dropped their price objective on Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Tenaya Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $6.25.

Tenaya Therapeutics Price Performance

Shares of TNYA stock opened at $0.70 on Wednesday. The business has a fifty day moving average of $1.06 and a 200 day moving average of $1.82. Tenaya Therapeutics has a 1 year low of $0.39 and a 1 year high of $5.39. The firm has a market capitalization of $55.37 million, a price-to-earnings ratio of -0.49 and a beta of 2.83.

Tenaya Therapeutics (NASDAQ:TNYA) last released its quarterly earnings data on Monday, March 17th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.04. As a group, equities research analysts expect that Tenaya Therapeutics will post -1.35 earnings per share for the current year.

Insider Transactions at Tenaya Therapeutics

In related news, major shareholder Group Gp Lp Column III bought 35,714,284 shares of Tenaya Therapeutics stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average price of $0.70 per share, with a total value of $24,999,998.80. Following the purchase, the insider now owns 49,313,559 shares in the company, valued at $34,519,491.30. This represents a 262.62 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 19,621 shares of company stock valued at $10,595 in the last 90 days. 32.76% of the stock is currently owned by insiders.

Institutional Trading of Tenaya Therapeutics

A number of hedge funds have recently bought and sold shares of TNYA. Synovus Financial Corp acquired a new position in Tenaya Therapeutics in the third quarter valued at $28,000. Woodline Partners LP acquired a new position in shares of Tenaya Therapeutics during the 4th quarter valued at about $28,000. Commerce Bank purchased a new position in shares of Tenaya Therapeutics during the 4th quarter worth about $29,000. Mariner LLC acquired a new stake in shares of Tenaya Therapeutics in the fourth quarter worth approximately $30,000. Finally, Ground Swell Capital LLC purchased a new stake in Tenaya Therapeutics in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 90.54% of the company’s stock.

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.