Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Short Interest Up 150.4% in November

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was the recipient of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 13,120,000 shares, an increase of 150.4% from the October 31st total of 5,240,000 shares. Based on an average trading volume of 2,310,000 shares, the days-to-cover ratio is currently 5.7 days. Approximately 20.0% of the shares of the stock are short sold.

Institutional Trading of Tenaya Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Synovus Financial Corp bought a new position in shares of Tenaya Therapeutics during the third quarter worth about $28,000. SG Americas Securities LLC bought a new position in Tenaya Therapeutics in the third quarter valued at $49,000. The Manufacturers Life Insurance Company raised its holdings in Tenaya Therapeutics by 43.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,199 shares of the company’s stock worth $72,000 after acquiring an additional 7,000 shares in the last quarter. Algert Global LLC bought a new stake in shares of Tenaya Therapeutics during the 2nd quarter worth approximately $74,000. Finally, XTX Topco Ltd raised its position in Tenaya Therapeutics by 51.2% during the third quarter. XTX Topco Ltd now owns 49,290 shares of the company’s stock worth $95,000 after acquiring an additional 16,687 shares in the last quarter. Institutional investors and hedge funds own 90.54% of the company’s stock.

Tenaya Therapeutics Stock Performance

NASDAQ TNYA traded up $0.28 during trading hours on Friday, reaching $3.57. 4,624,728 shares of the company’s stock were exchanged, compared to its average volume of 1,027,089. The company has a market capitalization of $282.82 million, a price-to-earnings ratio of -2.48 and a beta of 2.34. The company’s 50-day moving average is $2.11 and its two-hundred day moving average is $2.85. Tenaya Therapeutics has a one year low of $1.61 and a one year high of $7.01.

Tenaya Therapeutics (NASDAQ:TNYA) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.07. Research analysts predict that Tenaya Therapeutics will post -1.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Leerink Partners reissued an “outperform” rating on shares of Tenaya Therapeutics in a research note on Friday, October 18th. Chardan Capital cut their price target on shares of Tenaya Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Canaccord Genuity Group reissued a “buy” rating and set a $16.00 price objective on shares of Tenaya Therapeutics in a research note on Friday, October 18th. Piper Sandler reaffirmed an “overweight” rating on shares of Tenaya Therapeutics in a research note on Friday, October 18th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Tenaya Therapeutics in a research report on Monday, November 25th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tenaya Therapeutics currently has a consensus rating of “Buy” and an average price target of $14.75.

Tenaya Therapeutics Company Profile

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.