Tenaya Therapeutics (NASDAQ:TNYA) Price Target Cut to $5.00 by Analysts at Morgan Stanley

Tenaya Therapeutics (NASDAQ:TNYA) had its price objective trimmed by Morgan Stanley from $15.00 to $5.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also recently commented on the company. Chardan Capital cut their price target on Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday. HC Wainwright cut their price objective on Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $8.75.

Tenaya Therapeutics Price Performance

Tenaya Therapeutics stock opened at $0.60 on Wednesday. Tenaya Therapeutics has a 12 month low of $0.39 and a 12 month high of $5.55. The business has a 50 day simple moving average of $1.09 and a 200-day simple moving average of $1.84. The stock has a market capitalization of $47.56 million, a PE ratio of -0.42 and a beta of 2.83.

Tenaya Therapeutics (NASDAQ:TNYA) last released its quarterly earnings results on Monday, March 17th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.04. As a group, equities research analysts anticipate that Tenaya Therapeutics will post -1.35 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Group Gp Lp Column III purchased 35,714,284 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $0.70 per share, for a total transaction of $24,999,998.80. Following the completion of the transaction, the insider now directly owns 49,313,559 shares in the company, valued at $34,519,491.30. This represents a 262.62 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders sold 19,621 shares of company stock worth $10,595. 32.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TNYA. Synovus Financial Corp purchased a new position in shares of Tenaya Therapeutics in the third quarter valued at $28,000. Woodline Partners LP purchased a new position in shares of Tenaya Therapeutics in the fourth quarter valued at $28,000. Commerce Bank purchased a new position in shares of Tenaya Therapeutics in the fourth quarter valued at $29,000. Mariner LLC purchased a new position in shares of Tenaya Therapeutics in the fourth quarter valued at $30,000. Finally, Ground Swell Capital LLC purchased a new position in shares of Tenaya Therapeutics in the fourth quarter valued at $32,000. Hedge funds and other 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.