Short Interest in Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Drops By 25.6%

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 12,420,000 shares, a decline of 25.6% from the December 15th total of 16,690,000 shares. Approximately 18.9% of the company’s shares are sold short. Based on an average daily volume of 4,710,000 shares, the days-to-cover ratio is presently 2.6 days.

Institutional Investors Weigh In On Tenaya Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Jacobs Levy Equity Management Inc. grew its stake in shares of Tenaya Therapeutics by 204.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 337,265 shares of the company’s stock worth $651,000 after purchasing an additional 226,466 shares in the last quarter. abrdn plc purchased a new stake in Tenaya Therapeutics during the 3rd quarter worth about $1,063,000. State Street Corp boosted its position in shares of Tenaya Therapeutics by 0.9% during the 3rd quarter. State Street Corp now owns 1,058,898 shares of the company’s stock worth $2,044,000 after acquiring an additional 9,506 shares in the last quarter. XTX Topco Ltd increased its holdings in shares of Tenaya Therapeutics by 51.2% in the 3rd quarter. XTX Topco Ltd now owns 49,290 shares of the company’s stock valued at $95,000 after acquiring an additional 16,687 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Tenaya Therapeutics by 5.4% during the 3rd 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 in the last quarter. 90.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on TNYA shares. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Tenaya Therapeutics in a research report on Tuesday. Leerink Partners restated an “outperform” rating on shares of Tenaya Therapeutics in a report on Friday, October 18th. Chardan Capital reaffirmed a “buy” rating and issued a $18.00 target price on shares of Tenaya Therapeutics in a research report on Wednesday, December 18th. Canaccord Genuity Group reissued a “buy” rating and set a $16.00 price target on shares of Tenaya Therapeutics in a research report on Friday, October 18th. Finally, Piper Sandler restated an “overweight” rating on shares of Tenaya Therapeutics in a report on Friday, October 18th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $17.33.

Tenaya Therapeutics Price Performance

Shares of NASDAQ TNYA opened at $1.39 on Friday. The company has a market cap of $110.12 million, a price-to-earnings ratio of -0.97 and a beta of 2.89. The stock’s 50-day moving average is $2.24 and its two-hundred day moving average is $2.45. Tenaya Therapeutics has a 1-year low of $0.99 and a 1-year high of $7.01.

Tenaya Therapeutics (NASDAQ:TNYA) last released its earnings results on Wednesday, November 6th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.07. Equities research analysts anticipate that Tenaya Therapeutics will post -1.35 earnings per share for the current fiscal year.

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.