Short Interest in Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Drops By 22.1%

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was the recipient of a significant drop in short interest during the month of 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 daily volume of 3,700,000 shares, the days-to-cover ratio is currently 3.0 days. Approximately 8.4% of the shares of the stock are sold short.

Insider Activity at Tenaya Therapeutics

In other news, major shareholder Group Gp Lp Column III purchased 35,714,284 shares of the stock in a transaction dated Wednesday, March 5th. The shares were purchased 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 19,621 shares of company stock valued at $10,595. 32.76% of the stock is currently owned by insiders.

Institutional Trading of Tenaya Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in shares of 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 purchasing an additional 9,506 shares during the period. Synovus Financial Corp purchased a new stake in Tenaya Therapeutics in the third quarter valued at approximately $28,000. SG Americas Securities LLC boosted its holdings in shares of Tenaya Therapeutics by 61.9% in the fourth quarter. SG Americas Securities LLC now owns 41,270 shares of the company’s stock valued at $59,000 after acquiring an additional 15,777 shares during the period. XTX Topco Ltd boosted its holdings in shares of 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 acquiring an additional 16,687 shares during the period. Finally, Atticus Wealth Management LLC grew its position in shares of Tenaya Therapeutics by 56.3% during the fourth quarter. Atticus Wealth Management LLC now owns 47,762 shares of the company’s stock worth $68,000 after acquiring an additional 17,199 shares during the last quarter. Institutional investors and hedge funds own 90.54% of the company’s stock.

Wall Street Analysts Forecast Growth

TNYA has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $5.00 target price on shares of Tenaya Therapeutics in a report on Monday. Chardan Capital decreased their price target on Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Morgan Stanley cut 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. Finally, Canaccord Genuity Group lowered their price objective on shares of Tenaya Therapeutics from $18.00 to $6.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $6.25.

Tenaya Therapeutics Stock Up 1.3 %

Tenaya Therapeutics stock traded up $0.01 during mid-day trading on Wednesday, hitting $0.55. The company had a trading volume of 726,709 shares, compared to its average volume of 2,163,008. Tenaya Therapeutics has a 1 year low of $0.39 and a 1 year high of $5.10. The business has a fifty day moving average of $0.87 and a 200 day moving average of $1.66. The stock has a market cap of $48.26 million, a price-to-earnings ratio of -0.38 and a beta of 2.83.

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