Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Sees Significant Decline in Short Interest

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was the recipient of a large decline in short interest in March. As of March 15th, there was short interest totalling 11,220,000 shares, a decline of 22.1% from the February 28th total of 14,400,000 shares. Currently, 8.4% of the company’s stock are sold short. Based on an average trading volume of 3,700,000 shares, the short-interest ratio is presently 3.0 days.

Tenaya Therapeutics Stock Down 5.4 %

Shares of TNYA traded down $0.03 during trading hours on Monday, hitting $0.61. The company had a trading volume of 1,267,690 shares, compared to its average volume of 2,135,702. The business has a fifty day moving average of $0.90 and a 200-day moving average of $1.68. The firm has a market cap of $53.25 million, a price-to-earnings ratio of -0.43 and a beta of 2.83. Tenaya Therapeutics has a 12 month low of $0.39 and a 12 month high of $5.25.

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

Insider Buying and Selling at Tenaya Therapeutics

In related news, major shareholder Group Gp Lp Column III purchased 35,714,284 shares of the stock in a transaction on 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 directly owns 49,313,559 shares of the company’s stock, valued at $34,519,491.30. This trade represents a 262.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 19,621 shares of company stock worth $10,595. Corporate insiders own 32.76% of the company’s stock.

Hedge Funds Weigh In On Tenaya Therapeutics

Large investors have recently made changes to their positions in the company. Synovus Financial Corp acquired a new position in Tenaya Therapeutics in the 3rd quarter valued at $28,000. Woodline Partners LP bought a new stake in shares of Tenaya Therapeutics in the fourth quarter valued at about $28,000. Commerce Bank acquired a new position in shares of Tenaya Therapeutics in the fourth quarter valued at about $29,000. Mariner LLC bought a new position in Tenaya Therapeutics during the fourth quarter worth about $30,000. Finally, Ground Swell Capital LLC acquired a new stake in Tenaya Therapeutics in the 4th quarter worth about $32,000. Institutional investors own 90.54% of the company’s stock.

Wall Street Analyst Weigh In

TNYA has been the topic of a number of recent analyst reports. Chardan Capital lowered their target price on shares of Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Canaccord Genuity Group lowered their price objective on shares of Tenaya Therapeutics from $18.00 to $6.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley dropped their target price on shares of Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Finally, HC Wainwright reissued a “buy” rating and set a $5.00 price target on shares of Tenaya Therapeutics in a research report on Monday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $6.25.

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.