Tenaya Therapeutics (NASDAQ:TNYA) Shares Down 3.2% – Should You Sell?

Tenaya Therapeutics, Inc. (NASDAQ:TNYA)’s share price dropped 3.2% during trading on Monday. The company traded as low as $0.57 and last traded at $0.5898. Approximately 6,054,247 shares changed hands during trading, an increase of 183% from the average session volume of 2,142,620 shares. The stock had previously closed at $0.6096.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TNYA. Weiss Ratings raised Tenaya Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 28th. Wall Street Zen raised Tenaya Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Sunday, September 6th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Tenaya Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $4.00.

Tenaya Therapeutics Stock Up 3.7%

The firm has a 50 day simple moving average of $0.70 and a two-hundred day simple moving average of $0.75. The stock has a market capitalization of $137.90 million, a P/E ratio of -1.16 and a beta of 2.77.

Tenaya Therapeutics (NASDAQ:TNYA) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.13). The firm had revenue of $1.11 million during the quarter, compared to the consensus estimate of $10.00 million. On average, research analysts predict that Tenaya Therapeutics, Inc. will post -0.38 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Empery Asset Management LP bought a new stake in shares of Tenaya Therapeutics during the 4th quarter valued at approximately $3,852,000. BlackRock Inc. acquired a new stake in Tenaya Therapeutics in the second quarter valued at approximately $2,963,000. Renaissance Technologies LLC boosted its position in Tenaya Therapeutics by 100.6% in the first quarter. Renaissance Technologies LLC now owns 3,713,761 shares of the company’s stock valued at $2,571,000 after buying an additional 1,862,894 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Tenaya Therapeutics during the second quarter worth $1,973,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Tenaya Therapeutics during the second quarter worth $1,150,000. Institutional investors own 90.54% of the company’s stock.

Tenaya Therapeutics Company Profile

Tenaya Therapeutics, Inc is a clinical-stage biotechnology company focused on developing genetic medicines for cardiovascular diseases. The company uses gene therapy, gene editing and small-molecule approaches to address the underlying causes of inherited and acquired heart conditions rather than treating symptoms alone.

Tenaya’s product candidates include TN-201, an adeno-associated virus gene replacement therapy being developed for patients with MYBPC3-associated hypertrophic cardiomyopathy, and TN-401, a gene therapy candidate designed to treat PKP2-associated arrhythmogenic right ventricular cardiomyopathy.