Tenaya Therapeutics (NASDAQ:TNYA) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Tenaya Therapeutics (NASDAQ:TNYA) issued its earnings results on Monday. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.32) by $0.04, Zacks reports.

Tenaya Therapeutics Stock Performance

TNYA opened at $0.68 on Wednesday. The company’s 50 day simple moving average is $1.03 and its 200 day simple moving average is $1.78. Tenaya Therapeutics has a 1 year low of $0.39 and a 1 year high of $5.32. The stock has a market capitalization of $59.81 million, a PE ratio of -0.47 and a beta of 2.83.

Insider Activity at Tenaya Therapeutics

In other news, major shareholder Group Gp Lp Column III acquired 35,714,284 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were bought 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 approximately $34,519,491.30. This trade represents a 262.62 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 19,621 shares of company stock worth $10,595. Company insiders own 32.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TNYA. Canaccord Genuity Group lowered their target price on shares of Tenaya Therapeutics from $18.00 to $6.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Morgan Stanley cut their price target on shares of Tenaya Therapeutics from $15.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. HC Wainwright cut their price target on shares of Tenaya Therapeutics from $18.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. Finally, Chardan Capital lowered their price objective on shares of Tenaya Therapeutics from $18.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tenaya Therapeutics currently 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.