Canaccord Genuity Group Lowers Tenaya Therapeutics (NASDAQ:TNYA) Price Target to $6.00

Tenaya Therapeutics (NASDAQ:TNYA) had its price target reduced by research analysts at Canaccord Genuity Group from $18.00 to $6.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock.

A number of other equities analysts have also weighed in on the company. Chardan Capital lowered their target price on Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday. Morgan Stanley lowered their target price on Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, HC Wainwright lowered their target price on Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Tenaya Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $6.25.

Tenaya Therapeutics Stock Performance

Shares of TNYA opened at $0.70 on Thursday. Tenaya Therapeutics has a 52-week low of $0.39 and a 52-week high of $5.39. The business’s 50 day moving average price is $1.06 and its two-hundred day moving average price is $1.82. The firm has a market cap of $55.37 million, a PE ratio of -0.49 and a beta of 2.83.

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

Insider Transactions at Tenaya Therapeutics

In other news, major shareholder Group Gp Lp Column III purchased 35,714,284 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was bought at an average price of $0.70 per share, for a total transaction of $24,999,998.80. Following the purchase, the insider now owns 49,313,559 shares of the company’s stock, valued at $34,519,491.30. The trade was a 262.62 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 19,621 shares of company stock worth $10,595. 32.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TNYA. FMR LLC lifted its holdings in Tenaya Therapeutics by 1.9% during the 3rd quarter. FMR LLC now owns 1,345,938 shares of the company’s stock worth $2,598,000 after purchasing an additional 25,503 shares in the last quarter. Walleye Capital LLC purchased a new stake in Tenaya Therapeutics during the 3rd quarter worth about $134,000. Jacobs Levy Equity Management Inc. lifted its holdings in Tenaya Therapeutics by 204.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 337,265 shares of the company’s stock worth $651,000 after purchasing an additional 226,466 shares in the last quarter. State Street Corp lifted its holdings in Tenaya Therapeutics by 0.9% during the 3rd 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 in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Tenaya Therapeutics by 35.6% during the 3rd quarter. Wellington Management Group LLP now owns 294,133 shares of the company’s stock worth $568,000 after purchasing an additional 77,235 shares in the last quarter. 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.