Morgan Stanley Cuts Tenaya Therapeutics (NASDAQ:TNYA) Price Target to $5.00

Tenaya Therapeutics (NASDAQ:TNYA) had its target price decreased by equities researchers at Morgan Stanley from $15.00 to $5.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock.

TNYA has been the subject of several other reports. HC Wainwright decreased their price target on shares of Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday. Chardan Capital decreased their target price on shares of Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $8.75.

Tenaya Therapeutics Stock Performance

NASDAQ:TNYA opened at $0.54 on Wednesday. The firm has a 50-day simple moving average of $1.11 and a 200-day simple moving average of $1.85. Tenaya Therapeutics has a one year low of $0.39 and a one year high of $5.73. The firm has a market cap of $42.78 million, a P/E ratio of -0.38 and a beta of 2.83.

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

Insider Buying and Selling

In other news, major shareholder Group Gp Lp Column III purchased 35,714,284 shares of the stock in a transaction on Wednesday, March 5th. The stock was bought at an average price of $0.70 per share, with a total value of $24,999,998.80. Following the transaction, the insider now owns 49,313,559 shares in the company, valued at $34,519,491.30. The trade was a 262.62 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 19,621 shares of company stock worth $10,595 in the last three months. Corporate insiders own 32.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. State Street Corp raised its position in 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 buying an additional 9,506 shares during the last quarter. Synovus Financial Corp purchased a new position in shares of Tenaya Therapeutics during the third quarter worth $28,000. SG Americas Securities LLC lifted its position in Tenaya Therapeutics by 61.9% during the fourth quarter. SG Americas Securities LLC now owns 41,270 shares of the company’s stock valued at $59,000 after purchasing an additional 15,777 shares during the period. XTX Topco Ltd boosted its holdings in Tenaya Therapeutics by 51.2% in the third quarter. XTX Topco Ltd now owns 49,290 shares of the company’s stock valued at $95,000 after purchasing an additional 16,687 shares during the last quarter. Finally, Atticus Wealth Management LLC boosted its holdings in Tenaya Therapeutics by 56.3% in the fourth quarter. Atticus Wealth Management LLC now owns 47,762 shares of the company’s stock valued at $68,000 after purchasing an additional 17,199 shares during the last quarter. 90.54% of the stock is currently owned by hedge funds and other institutional investors.

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.