Tenaya Therapeutics (NASDAQ:TNYA) Given New $6.00 Price Target at Canaccord Genuity Group

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

Several other analysts have also commented on TNYA. Chardan Capital dropped their target price on Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley dropped their price objective on shares of Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, HC Wainwright decreased their target price on shares of Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $6.25.

Tenaya Therapeutics Price Performance

Tenaya Therapeutics stock traded up $0.05 during trading hours on Thursday, hitting $0.65. 3,534,619 shares of the stock traded hands, compared to its average volume of 3,388,757. Tenaya Therapeutics has a 1 year low of $0.39 and a 1 year high of $5.39. The firm’s 50 day moving average price is $1.09 and its 200-day moving average price is $1.84. The stock has a market capitalization of $51.26 million, a price-to-earnings ratio of -0.45 and a beta of 2.83.

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

Insider Activity at Tenaya Therapeutics

In other news, major shareholder Group Gp Lp Column III bought 35,714,284 shares of Tenaya Therapeutics stock in a transaction on Wednesday, March 5th. The stock was acquired at an average price of $0.70 per share, with a total value of $24,999,998.80. Following the completion of the acquisition, the insider now directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 19,621 shares of company stock valued at $10,595. 32.76% of the stock is owned by company insiders.

Institutional Trading of Tenaya Therapeutics

A number of hedge funds have recently bought and sold shares of TNYA. Synovus Financial Corp acquired a new position in shares of Tenaya Therapeutics during the 3rd quarter worth approximately $28,000. Woodline Partners LP purchased a new stake in Tenaya Therapeutics in the 4th quarter valued at $28,000. Commerce Bank acquired a new stake in shares of Tenaya Therapeutics in 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 acquired a new position in shares of Tenaya Therapeutics during the 4th quarter valued at about $32,000. Institutional investors and hedge funds 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.