Short Interest in Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Decreases By 22.1%

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was the target of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 11,220,000 shares, a decrease of 22.1% from the February 28th total of 14,400,000 shares. Based on an average daily trading volume, of 3,700,000 shares, the days-to-cover ratio is currently 3.0 days. Approximately 8.4% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley dropped their price target on Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. HC Wainwright reiterated a “buy” rating and issued a $5.00 target price on shares of Tenaya Therapeutics in a research report on Monday. Chardan Capital reduced their price target on Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Finally, Canaccord Genuity Group cut their target price on shares of Tenaya Therapeutics from $18.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Tenaya Therapeutics currently has a consensus rating of “Buy” and an average price target of $6.25.

Tenaya Therapeutics Stock Performance

NASDAQ:TNYA opened at $0.55 on Tuesday. Tenaya Therapeutics has a fifty-two week low of $0.39 and a fifty-two week high of $5.25. The company has a 50 day simple moving average of $0.89 and a two-hundred day simple moving average of $1.67. The company has a market capitalization of $48.08 million, a PE ratio of -0.38 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.04. Research analysts predict that Tenaya Therapeutics will post -1.35 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Group Gp Lp Column III acquired 35,714,284 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $0.70 per share, for a total transaction of $24,999,998.80. Following the transaction, the insider now directly owns 49,313,559 shares in the company, valued at $34,519,491.30. This trade represents a 262.62 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 19,621 shares of company stock worth $10,595 in the last ninety days. 32.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenaya Therapeutics

Several large investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of Tenaya Therapeutics by 0.9% in the third quarter. State Street Corp now owns 1,058,898 shares of the company’s stock worth $2,044,000 after purchasing an additional 9,506 shares during the last quarter. Synovus Financial Corp bought a new stake in Tenaya Therapeutics during the third quarter worth $28,000. SG Americas Securities LLC raised its position in Tenaya Therapeutics by 61.9% in the 4th quarter. SG Americas Securities LLC now owns 41,270 shares of the company’s stock valued at $59,000 after buying an additional 15,777 shares during the last quarter. XTX Topco Ltd lifted its stake in Tenaya Therapeutics by 51.2% during the 3rd quarter. XTX Topco Ltd now owns 49,290 shares of the company’s stock valued at $95,000 after acquiring an additional 16,687 shares in the last quarter. Finally, Atticus Wealth Management LLC boosted its holdings in Tenaya Therapeutics by 56.3% during the 4th quarter. Atticus Wealth Management LLC now owns 47,762 shares of the company’s stock worth $68,000 after acquiring an additional 17,199 shares during the last quarter. Institutional investors 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.