Tenaya Therapeutics’ (TNYA) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Tenaya Therapeutics (NASDAQ:TNYA) in a report published on Friday, Benzinga reports. Canaccord Genuity Group currently has a $16.00 price objective on the stock.

Separately, HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Tenaya Therapeutics in a research report on Friday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $15.25.

Tenaya Therapeutics Stock Performance

Shares of NASDAQ TNYA opened at $2.04 on Friday. Tenaya Therapeutics has a fifty-two week low of $1.61 and a fifty-two week high of $7.01. The stock has a market cap of $160.18 million, a price-to-earnings ratio of -1.24 and a beta of 2.35. The firm’s 50-day simple moving average is $2.27 and its 200 day simple moving average is $3.29.

Tenaya Therapeutics (NASDAQ:TNYA) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.06. On average, sell-side analysts predict that Tenaya Therapeutics will post -1.52 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Faraz Ali sold 9,748 shares of Tenaya Therapeutics stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $2.89, for a total value of $28,171.72. Following the sale, the chief executive officer now owns 188,331 shares of the company’s stock, valued at approximately $544,276.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 19,539 shares of company stock valued at $56,468 in the last 90 days. 32.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenaya Therapeutics

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in shares of Tenaya Therapeutics in the 3rd quarter worth approximately $49,000. The Manufacturers Life Insurance Company raised its holdings in shares of Tenaya Therapeutics by 43.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,199 shares of the company’s stock worth $72,000 after purchasing an additional 7,000 shares during the period. Algert Global LLC bought a new stake in shares of Tenaya Therapeutics in the 2nd quarter worth approximately $74,000. Panagora Asset Management Inc. bought a new stake in shares of Tenaya Therapeutics in the 2nd quarter worth approximately $164,000. Finally, HighPoint Advisor Group LLC purchased a new position in Tenaya Therapeutics in the 4th quarter valued at approximately $228,000. 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.