Tenaya Therapeutics (NASDAQ:TNYA) Stock Falls 3.2% – Time to Sell?

Shares of Tenaya Therapeutics, Inc. (NASDAQ:TNYA) fell 3.2% during trading on Monday. The stock traded as low as $0.57 and last traded at $0.5898. Approximately 6,054,247 shares changed hands during mid-day trading, an increase of 183% from the average session volume of 2,142,620 shares. The stock had previously closed at $0.6096.

Analyst Upgrades and Downgrades

TNYA has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Tenaya Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of Tenaya Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.00.

Tenaya Therapeutics Stock Down 3.2%

The company has a market cap of $132.25 million, a price-to-earnings ratio of -1.11 and a beta of 2.77. The business has a fifty day simple moving average of $0.70 and a 200 day simple moving average of $0.75.

Tenaya Therapeutics (NASDAQ:TNYA) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.13). The firm had revenue of $1.11 million for the quarter, compared to analyst estimates of $10.00 million. Equities analysts anticipate that Tenaya Therapeutics, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Trading of Tenaya Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC increased its holdings in Tenaya Therapeutics by 89.3% in the second quarter. Squarepoint Ops LLC now owns 659,247 shares of the company’s stock valued at $487,000 after buying an additional 310,979 shares in the last quarter. Spark Investment Management LLC acquired a new stake in shares of Tenaya Therapeutics during the 2nd quarter valued at approximately $26,000. Raiffeisen Bank International AG boosted its stake in shares of Tenaya Therapeutics by 20.0% during the 2nd quarter. Raiffeisen Bank International AG now owns 1,200,000 shares of the company’s stock worth $882,000 after acquiring an additional 200,000 shares in the last quarter. Stonepine Capital Management LLC purchased a new stake in shares of Tenaya Therapeutics during the 2nd quarter worth approximately $107,429,000. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Tenaya Therapeutics in the 2nd quarter worth approximately $1,150,000. Hedge funds and other institutional investors own 90.54% of the company’s stock.

Tenaya Therapeutics Company Profile

Tenaya Therapeutics, Inc is a clinical-stage biotechnology company focused on developing genetic medicines for cardiovascular diseases. The company uses gene therapy, gene editing and small-molecule approaches to address the underlying causes of inherited and acquired heart conditions rather than treating symptoms alone.

Tenaya’s product candidates include TN-201, an adeno-associated virus gene replacement therapy being developed for patients with MYBPC3-associated hypertrophic cardiomyopathy, and TN-401, a gene therapy candidate designed to treat PKP2-associated arrhythmogenic right ventricular cardiomyopathy.