Short Interest in Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Decreases 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. Currently, 8.4% of the shares of the company are sold short. Based on an average daily volume of 3,700,000 shares, the short-interest ratio is presently 3.0 days.

Insider Buying and Selling

In related news, major shareholder Group Gp Lp Column III bought 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, for a total transaction of $24,999,998.80. Following the completion of the purchase, the insider now directly owns 49,313,559 shares of the company’s stock, valued at $34,519,491.30. This represents a 262.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 19,621 shares of company stock valued at $10,595 over the last 90 days. Insiders own 32.76% of the company’s stock.

Hedge Funds Weigh In On Tenaya Therapeutics

A number of hedge funds have recently made changes to their positions in TNYA. State Street Corp increased its position in shares of Tenaya Therapeutics by 0.9% during the third quarter. State Street Corp now owns 1,058,898 shares of the company’s stock worth $2,044,000 after purchasing an additional 9,506 shares in the last quarter. Synovus Financial Corp purchased a new stake in shares of Tenaya Therapeutics during the third quarter worth $28,000. SG Americas Securities LLC raised its position 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 buying an additional 15,777 shares during the last quarter. XTX Topco Ltd lifted its stake 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 worth $95,000 after buying an additional 16,687 shares in the last quarter. Finally, Atticus Wealth Management LLC boosted its position in 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.

Analyst Upgrades and Downgrades

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

Tenaya Therapeutics Price Performance

NASDAQ TNYA traded up $0.01 on Wednesday, hitting $0.55. The company had a trading volume of 726,709 shares, compared to its average volume of 2,163,008. The company’s fifty day moving average price is $0.87 and its 200-day moving average price is $1.66. The company has a market capitalization of $48.26 million, a PE ratio of -0.38 and a beta of 2.83. Tenaya Therapeutics has a 12-month low of $0.39 and a 12-month high of $5.10.

Tenaya Therapeutics (NASDAQ:TNYA) last released its earnings results on Monday, March 17th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.04. On average, sell-side analysts anticipate that Tenaya Therapeutics will post -1.35 EPS for the current year.

Tenaya Therapeutics Company Profile

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.