Short Interest in Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Drops By 25.6%

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was the recipient of a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 12,420,000 shares, a drop of 25.6% from the December 15th total of 16,690,000 shares. Based on an average daily trading volume, of 4,710,000 shares, the short-interest ratio is currently 2.6 days. Currently, 18.9% of the company’s stock are short sold.

Tenaya Therapeutics Stock Performance

Shares of NASDAQ:TNYA opened at $1.39 on Friday. Tenaya Therapeutics has a one year low of $0.99 and a one year high of $7.01. The stock has a market capitalization of $110.12 million, a price-to-earnings ratio of -0.97 and a beta of 2.89. The company has a 50-day simple moving average of $2.24 and a 200-day simple moving average of $2.45.

Tenaya Therapeutics (NASDAQ:TNYA) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.07. As a group, research analysts forecast that Tenaya Therapeutics will post -1.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Tenaya Therapeutics

Several large investors have recently modified their holdings of the stock. abrdn plc purchased a new position in Tenaya Therapeutics in the 3rd quarter valued at $1,063,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Tenaya Therapeutics by 204.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 337,265 shares of the company’s stock worth $651,000 after acquiring an additional 226,466 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Tenaya Therapeutics by 144.1% in the second quarter. Renaissance Technologies LLC now owns 157,460 shares of the company’s stock valued at $488,000 after acquiring an additional 92,960 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Tenaya Therapeutics by 35.6% during the third quarter. Wellington Management Group LLP now owns 294,133 shares of the company’s stock worth $568,000 after acquiring an additional 77,235 shares during the period. Finally, Integral Health Asset Management LLC raised its holdings in Tenaya Therapeutics by 3.3% during the second quarter. Integral Health Asset Management LLC now owns 2,325,000 shares of the company’s stock worth $7,208,000 after purchasing an additional 75,000 shares in the last quarter. Hedge funds and other institutional investors own 90.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Piper Sandler reiterated an “overweight” rating on shares of Tenaya Therapeutics in a research note on Friday, October 18th. Chardan Capital reiterated a “buy” rating and set a $18.00 target price on shares of Tenaya Therapeutics in a research report on Wednesday, December 18th. Canaccord Genuity Group reissued a “buy” rating and issued a $16.00 target price on shares of Tenaya Therapeutics in a research report on Friday, October 18th. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Tenaya Therapeutics in a research note on Tuesday. Finally, Leerink Partners reiterated an “outperform” rating on shares of Tenaya Therapeutics in a research note on Friday, October 18th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $17.33.

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.