Tenaya Therapeutics (NASDAQ:TNYA) Issues Quarterly Earnings Results, Hits Expectations

Tenaya Therapeutics (NASDAQ:TNYA) released its quarterly earnings results on Wednesday. The company reported ($0.09) earnings per share for the quarter, hitting the consensus estimate of ($0.09), FiscalAI reports. The firm had revenue of $0.23 million for the quarter, compared to analyst estimates of $7.50 million.

Tenaya Therapeutics Stock Up 4.8%

Shares of TNYA stock traded up $0.04 on Wednesday, reaching $0.79. The company’s stock had a trading volume of 4,855,638 shares, compared to its average volume of 4,091,013. Tenaya Therapeutics has a 12-month low of $0.36 and a 12-month high of $2.35. The company has a market capitalization of $171.47 million, a P/E ratio of -1.27 and a beta of 2.77. The stock’s 50 day simple moving average is $0.72 and its 200-day simple moving average is $0.93.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Leerink Partners reiterated an “outperform” rating and issued a $2.00 price target on shares of Tenaya Therapeutics in a research note on Thursday, March 12th. Chardan Capital reiterated a “buy” rating and issued a $8.00 price target on shares of Tenaya Therapeutics in a research report on Thursday, March 12th. Lifesci Capital raised Tenaya Therapeutics to a “strong-buy” rating in a research note on Thursday, March 5th. Morgan Stanley set a $2.00 price objective on Tenaya Therapeutics in a research note on Thursday, January 8th. Finally, Wall Street Zen downgraded Tenaya Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Tenaya Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

Insiders Place Their Bets

In other Tenaya Therapeutics news, major shareholder Group Gp Lp Column III sold 3,511,826 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $0.56, for a total transaction of $1,966,622.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 8,594,047 shares of company stock worth $5,430,207 in the last quarter. Company insiders own 48.65% of the company’s stock.

Institutional Trading of Tenaya Therapeutics

Several large investors have recently modified their holdings of the business. Corient Private Wealth LLC bought a new stake in Tenaya Therapeutics during the 4th quarter valued at approximately $72,000. Sphera Funds Management LTD. bought a new stake in shares of Tenaya Therapeutics during the 4th quarter valued at $1,067,000. Millennium Management LLC grew its position in shares of Tenaya Therapeutics by 2.5% during the 4th quarter. Millennium Management LLC now owns 4,615,746 shares of the company’s stock valued at $3,284,000 after acquiring an additional 111,154 shares during the period. Bridgeway Capital Management LLC boosted its holdings in Tenaya Therapeutics by 883.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 194,800 shares of the company’s stock worth $139,000 after buying an additional 175,000 shares during the period. Finally, ADAR1 Capital Management LLC bought a new position in Tenaya Therapeutics in the 4th quarter worth $1,071,000. 90.54% of the stock is owned by institutional investors.

About Tenaya Therapeutics

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.