Tenaya Therapeutics (NASDAQ:TNYA) Shares Down 0.3% – Should You Sell?

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) dropped 0.3% during trading on Thursday . The stock traded as low as $0.60 and last traded at $0.61. Approximately 779,192 shares changed hands during trading, a decline of 71% from the average daily volume of 2,704,307 shares. The stock had previously closed at $0.61.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TNYA. Morgan Stanley reduced their target price on shares of Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Chardan Capital reissued a “buy” rating and issued a $9.00 price objective on shares of Tenaya Therapeutics in a research report on Friday, May 9th. HC Wainwright reissued a “buy” rating and issued a $5.00 price objective on shares of Tenaya Therapeutics in a research note on Friday, April 25th. Finally, Canaccord Genuity Group dropped their target price on Tenaya Therapeutics from $18.00 to $6.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $6.25.

Tenaya Therapeutics Stock Performance

The company has a market capitalization of $99.39 million, a P/E ratio of -0.53 and a beta of 3.00. The company’s fifty day simple moving average is $0.52 and its 200-day simple moving average is $0.81.

Tenaya Therapeutics (NASDAQ:TNYA) last posted its earnings results on Wednesday, May 7th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). On average, sell-side analysts predict that Tenaya Therapeutics, Inc. will post -1.35 EPS for the current year.

Institutional Trading of Tenaya Therapeutics

Hedge funds have recently modified their holdings of the company. Woodline Partners LP boosted its stake in Tenaya Therapeutics by 30,563.2% in the 1st quarter. Woodline Partners LP now owns 5,916,167 shares of the company’s stock worth $3,373,000 after purchasing an additional 5,896,873 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Tenaya Therapeutics during the first quarter worth $442,000. DAFNA Capital Management LLC purchased a new stake in shares of Tenaya Therapeutics during the first quarter valued at $27,000. Ieq Capital LLC acquired a new position in shares of Tenaya Therapeutics in the 1st quarter valued at $95,000. Finally, Comerica Bank acquired a new position in shares of Tenaya Therapeutics in the 1st quarter valued at $50,000. 90.54% of the stock is owned by hedge funds and other 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.