Canaccord Genuity Group Lowers Tenaya Therapeutics (NASDAQ:TNYA) Price Target to $16.00

Tenaya Therapeutics (NASDAQ:TNYA) had its price target decreased by equities research analysts at Canaccord Genuity Group from $18.00 to $16.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 275.59% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Chardan Capital reissued a “buy” rating and set a $20.00 price objective on shares of Tenaya Therapeutics in a research report on Thursday, March 21st. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Tenaya Therapeutics in a report on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $15.00.

Tenaya Therapeutics Price Performance

Shares of NASDAQ TNYA traded up $0.01 during mid-day trading on Thursday, hitting $4.26. The company had a trading volume of 128,026 shares, compared to its average volume of 494,596. The business’s 50-day simple moving average is $4.73 and its 200 day simple moving average is $3.88. The company has a market capitalization of $334.50 million, a PE ratio of -2.56 and a beta of 2.61. Tenaya Therapeutics has a 1-year low of $1.66 and a 1-year high of $8.09.

Tenaya Therapeutics (NASDAQ:TNYA) last announced its quarterly earnings data on Monday, March 18th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.05. On average, analysts expect that Tenaya Therapeutics will post -1.7 EPS for the current year.

Insider Transactions at Tenaya Therapeutics

In related news, CEO Faraz Ali sold 6,358 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $5.86, for a total transaction of $37,257.88. Following the completion of the transaction, the chief executive officer now owns 113,079 shares of the company’s stock, valued at $662,642.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Timothy Hoey sold 4,681 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.86, for a total value of $27,430.66. Following the completion of the sale, the insider now owns 242,715 shares of the company’s stock, valued at $1,422,309.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Faraz Ali sold 6,358 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.86, for a total transaction of $37,257.88. Following the completion of the transaction, the chief executive officer now directly owns 113,079 shares in the company, valued at approximately $662,642.94. The disclosure for this sale can be found here. Insiders have sold a total of 20,908 shares of company stock worth $122,867 in the last three months. Company insiders own 32.76% of the company’s stock.

Institutional Investors Weigh In On Tenaya Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of TNYA. RA Capital Management L.P. lifted its position in shares of Tenaya Therapeutics by 10.7% during the third quarter. RA Capital Management L.P. now owns 6,718,483 shares of the company’s stock worth $17,132,000 after purchasing an additional 651,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in Tenaya Therapeutics by 16.4% during the 1st quarter. Vanguard Group Inc. now owns 2,862,916 shares of the company’s stock worth $14,973,000 after purchasing an additional 403,472 shares during the last quarter. Euclidean Capital LLC boosted its stake in shares of Tenaya Therapeutics by 10.9% during the 3rd quarter. Euclidean Capital LLC now owns 1,015,705 shares of the company’s stock valued at $2,590,000 after buying an additional 100,000 shares during the last quarter. GSA Capital Partners LLP grew its position in shares of Tenaya Therapeutics by 194.5% during the third quarter. GSA Capital Partners LLP now owns 363,493 shares of the company’s stock worth $927,000 after buying an additional 240,082 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Tenaya Therapeutics by 2,635.8% in the 3rd quarter. Barclays PLC now owns 249,558 shares of the company’s stock valued at $637,000 after purchasing an additional 240,436 shares in the last quarter. Hedge funds and other institutional investors own 90.54% of the company’s stock.

About Tenaya Therapeutics

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.