Chardan Capital Issues Pessimistic Forecast for Tenaya Therapeutics (NASDAQ:TNYA) Stock Price

Tenaya Therapeutics (NASDAQ:TNYA) had its price target reduced by analysts at Chardan Capital from $18.00 to $9.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Separately, HC Wainwright reduced their price objective 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. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $10.00.

Tenaya Therapeutics Stock Performance

Shares of NASDAQ TNYA opened at $0.54 on Wednesday. Tenaya Therapeutics has a fifty-two week low of $0.39 and a fifty-two week high of $5.73. The stock has a market cap of $42.78 million, a PE ratio of -0.38 and a beta of 2.83. The stock has a fifty day moving average of $1.11 and a 200-day moving average of $1.85.

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

Insiders Place Their Bets

In related news, major shareholder Group Gp Lp Column III bought 35,714,284 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost 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 trade represents a 262.62 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 19,621 shares of company stock worth $10,595 in the last ninety days. 32.76% of the stock is currently owned by insiders.

Institutional Trading of Tenaya Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Woodline Partners LP purchased a new position in Tenaya Therapeutics in the fourth quarter worth $28,000. Trustees of Columbia University in the City of New York bought a new stake in Tenaya Therapeutics during the fourth quarter worth about $417,000. Nuveen Asset Management LLC lifted its stake in Tenaya Therapeutics by 25.2% during the fourth quarter. Nuveen Asset Management LLC now owns 345,192 shares of the company’s stock worth $494,000 after purchasing an additional 69,377 shares during the last quarter. Ground Swell Capital LLC purchased a new position in shares of Tenaya Therapeutics in the 4th quarter worth about $32,000. Finally, Deutsche Bank AG increased its position in shares of Tenaya Therapeutics by 304.1% during the 4th quarter. Deutsche Bank AG now owns 129,319 shares of the company’s stock valued at $185,000 after purchasing an additional 97,318 shares during the last quarter. 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.