Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Short Interest Down 22.1% in March

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was the recipient of a large drop in short interest in March. As of March 15th, there was short interest totalling 11,220,000 shares, a drop of 22.1% from the February 28th total of 14,400,000 shares. Based on an average trading volume of 3,700,000 shares, the days-to-cover ratio is presently 3.0 days. Currently, 8.4% of the shares of the stock are short sold.

Insider Buying and Selling at Tenaya Therapeutics

In other news, major shareholder Group Gp Lp Column III acquired 35,714,284 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $0.70 per share, for a total transaction of $24,999,998.80. Following the transaction, the insider now owns 49,313,559 shares of the company’s stock, valued at approximately $34,519,491.30. This represents a 262.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 19,621 shares of company stock worth $10,595. 32.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tenaya Therapeutics

Several institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in Tenaya Therapeutics by 20,670.3% during the 4th quarter. JPMorgan Chase & Co. now owns 5,155,596 shares of the company’s stock worth $7,373,000 after buying an additional 5,130,774 shares during the period. FMR LLC increased its position in shares of Tenaya Therapeutics by 1.9% during the third quarter. FMR LLC now owns 1,345,938 shares of the company’s stock worth $2,598,000 after acquiring an additional 25,503 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Tenaya Therapeutics by 5.4% during the third quarter. Geode Capital Management LLC now owns 1,296,156 shares of the company’s stock worth $2,502,000 after acquiring an additional 66,968 shares during the period. State Street Corp lifted its position in Tenaya Therapeutics by 0.9% in the 3rd quarter. State Street Corp now owns 1,058,898 shares of the company’s stock valued at $2,044,000 after acquiring an additional 9,506 shares in the last quarter. Finally, abrdn plc boosted its stake in Tenaya Therapeutics by 9.1% in the 4th quarter. abrdn plc now owns 600,700 shares of the company’s stock worth $859,000 after purchasing an additional 50,000 shares during the period. Institutional investors own 90.54% of the company’s stock.

Tenaya Therapeutics Stock Performance

NASDAQ:TNYA traded down $0.03 during trading hours on Monday, hitting $0.61. The stock had a trading volume of 1,267,690 shares, compared to its average volume of 2,135,702. The business’s 50 day moving average is $0.90 and its 200-day moving average is $1.68. The company has a market cap of $53.25 million, a price-to-earnings ratio of -0.43 and a beta of 2.83. Tenaya Therapeutics has a one year low of $0.39 and a one year high of $5.25.

Tenaya Therapeutics (NASDAQ:TNYA) last released its quarterly earnings data on Monday, March 17th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.04. On average, sell-side analysts anticipate that Tenaya Therapeutics will post -1.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Morgan Stanley lowered their price objective on Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Tenaya Therapeutics in a research report on Monday. Chardan Capital cut their price objective on shares of Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Finally, Canaccord Genuity Group lowered their target price on shares of Tenaya Therapeutics from $18.00 to $6.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $6.25.

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.