Tenaya Therapeutics (NASDAQ:TNYA) Stock Price Down 5% – Should You Sell?

Tenaya Therapeutics, Inc. (NASDAQ:TNYA)’s stock price fell 5% during trading on Monday . The stock traded as low as $0.66 and last traded at $0.66. 3,011,841 shares changed hands during trading, a decline of 31% from the average session volume of 4,371,860 shares. The stock had previously closed at $0.6946.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TNYA. Chardan Capital reaffirmed a “buy” rating and set a $8.00 price objective on shares of Tenaya Therapeutics in a research note on Thursday, March 12th. Leerink Partners reaffirmed an “outperform” rating and set a $2.00 price objective on shares of Tenaya Therapeutics in a research note on Thursday, March 12th. Lifesci Capital raised shares of Tenaya Therapeutics to a “strong-buy” rating in a research note on Thursday, March 5th. William Blair reaffirmed an “outperform” rating on shares of Tenaya Therapeutics in a research note on Thursday, March 12th. Finally, Wall Street Zen downgraded shares of Tenaya Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 14th. One investment 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’s stock. According to data from MarketBeat, Tenaya Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $4.00.

Tenaya Therapeutics Stock Up 8.6%

The firm’s 50-day moving average is $0.73 and its 200-day moving average is $1.06. The company has a market cap of $157.37 million, a PE ratio of -1.17 and a beta of 2.99.

Tenaya Therapeutics (NASDAQ:TNYA) last announced its quarterly earnings results on Wednesday, March 11th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). As a group, equities research analysts anticipate that Tenaya Therapeutics, Inc. will post -1.35 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Group Gp Lp Column III sold 4,056,573 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $0.68, for a total transaction of $2,758,469.64. Following the transaction, the insider owned 2,348,183 shares in the company, valued at $1,596,764.44. The trade was a 63.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 8,594,047 shares of company stock worth $5,430,207 in the last 90 days. 48.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenaya Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of TNYA. Woodline Partners LP increased its position in shares of Tenaya Therapeutics by 30,563.2% during the first quarter. Woodline Partners LP now owns 5,916,167 shares of the company’s stock valued at $3,373,000 after buying an additional 5,896,873 shares during the period. Empery Asset Management LP purchased a new stake in Tenaya Therapeutics in the fourth quarter worth about $3,852,000. Anson Funds Management LP purchased a new stake in Tenaya Therapeutics in the fourth quarter worth about $2,955,000. Alyeska Investment Group L.P. purchased a new stake in Tenaya Therapeutics in the fourth quarter worth about $2,846,000. Finally, Millennium Management LLC grew its holdings in Tenaya Therapeutics by 561.7% in the third quarter. Millennium Management LLC now owns 4,504,592 shares of the company’s stock worth $7,297,000 after purchasing an additional 3,823,848 shares during the period. Hedge funds and other institutional investors own 90.54% of the company’s stock.

Tenaya Therapeutics Company Profile

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.