Morgan Stanley Has Lowered Expectations for Tenaya Therapeutics (NASDAQ:TNYA) Stock Price

Tenaya Therapeutics (NASDAQ:TNYA) had its price objective decreased by investment analysts at Morgan Stanley from $15.00 to $5.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. HC Wainwright lowered their target price on shares of Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday. Chardan Capital lowered their target price on shares of Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $6.25.

Tenaya Therapeutics Stock Performance

Tenaya Therapeutics stock opened at $0.67 on Wednesday. The company’s fifty day moving average price is $1.08 and its 200 day moving average price is $1.84. Tenaya Therapeutics has a 1 year low of $0.39 and a 1 year high of $5.39. The stock has a market capitalization of $53.09 million, a P/E ratio of -0.47 and a beta of 2.83.

Tenaya Therapeutics (NASDAQ:TNYA) last released its quarterly earnings results on Monday, March 17th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.04. Sell-side analysts predict that Tenaya Therapeutics will post -1.35 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Group Gp Lp Column III purchased 35,714,284 shares of Tenaya Therapeutics stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average price of $0.70 per share, for a total transaction of $24,999,998.80. Following the acquisition, the insider now directly owns 49,313,559 shares in the company, valued at approximately $34,519,491.30. The trade was a 262.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 19,621 shares of company stock valued at $10,595 in the last 90 days. 32.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Synovus Financial Corp purchased a new position in shares of Tenaya Therapeutics during the 3rd quarter worth $28,000. Woodline Partners LP purchased a new position in shares of Tenaya Therapeutics during the 4th quarter worth $28,000. Commerce Bank purchased a new position in shares of Tenaya Therapeutics during the 4th quarter worth $29,000. Mariner LLC purchased a new position in shares of Tenaya Therapeutics during the 4th quarter worth $30,000. Finally, Ground Swell Capital LLC purchased a new position in shares of Tenaya Therapeutics during the 4th quarter worth $32,000. Hedge funds and other institutional investors own 90.54% of the company’s stock.

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.