Tenaya Therapeutics (NASDAQ:TNYA) Trading Down 4.4% – Should You Sell?

Tenaya Therapeutics, Inc. (NASDAQ:TNYA)’s stock price traded down 4.4% on Wednesday . The stock traded as low as $0.6550 and last traded at $0.6603. 3,219,213 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 4,099,346 shares. The stock had previously closed at $0.6910.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tenaya Therapeutics in a research note on Wednesday, January 21st. Leerink Partners restated an “outperform” rating and set a $2.00 price target on shares of Tenaya Therapeutics in a research note on Thursday, March 12th. Morgan Stanley set a $2.00 price target on shares of Tenaya Therapeutics in a research note on Thursday, January 8th. Wall Street Zen lowered shares of Tenaya Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 14th. Finally, William Blair restated an “outperform” rating on shares of Tenaya Therapeutics in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tenaya Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $4.00.

Tenaya Therapeutics Trading Up 2.1%

The stock has a market capitalization of $153.16 million, a PE ratio of -1.14 and a beta of 2.77. The stock’s fifty day simple moving average is $0.72 and its 200-day simple moving average is $0.95.

Tenaya Therapeutics (NASDAQ:TNYA) last posted its quarterly earnings data on Wednesday, March 11th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). As a group, analysts anticipate that Tenaya Therapeutics, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Transactions at Tenaya Therapeutics

In other Tenaya Therapeutics news, major shareholder Group Gp Lp Column III sold 4,056,573 shares of Tenaya Therapeutics stock in a transaction on 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 directly owned 2,348,183 shares of the company’s stock, valued at $1,596,764.44. The trade was a 63.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 8,594,047 shares of company stock worth $5,430,207. 48.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenaya Therapeutics

Hedge funds have recently bought and sold shares of the company. Scientech Research LLC purchased a new position in shares of Tenaya Therapeutics in the 3rd quarter worth about $27,000. Geode Capital Management LLC boosted its holdings in shares of Tenaya Therapeutics by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 1,193,355 shares of the company’s stock worth $849,000 after buying an additional 17,820 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Tenaya Therapeutics by 107.0% in the 4th quarter. Cetera Investment Advisers now owns 106,425 shares of the company’s stock worth $76,000 after buying an additional 55,000 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Tenaya Therapeutics in the 3rd quarter worth about $99,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of Tenaya Therapeutics in the 3rd quarter worth about $117,000. 90.54% of the stock is owned by hedge funds and other institutional investors.

About Tenaya Therapeutics

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.