Insider Selling: Tenaya Therapeutics (NASDAQ:TNYA) CEO Sells $15,784.72 in Stock

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) CEO Faraz Ali sold 22,232 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $0.71, for a total transaction of $15,784.72. Following the sale, the chief executive officer directly owned 417,782 shares in the company, valued at $296,625.22. This represents a 5.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Tenaya Therapeutics Price Performance

NASDAQ:TNYA opened at $0.71 on Thursday. The firm has a 50 day simple moving average of $0.76 and a 200-day simple moving average of $0.76. The firm has a market cap of $159.85 million, a PE ratio of -1.35 and a beta of 2.83. Tenaya Therapeutics, Inc. has a 1-year low of $0.53 and a 1-year high of $2.35.

Tenaya Therapeutics (NASDAQ:TNYA) last announced its earnings results on Wednesday, August 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.13). The company had revenue of $1.11 million for the quarter, compared to analysts’ expectations of $10.00 million. As a group, sell-side analysts expect that Tenaya Therapeutics, Inc. will post -0.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tenaya Therapeutics

A number of large investors have recently bought and sold shares of the stock. Integrity Wealth Solutions LLC purchased a new stake in shares of Tenaya Therapeutics during the 1st quarter valued at $27,000. Scientech Research LLC purchased a new position in shares of Tenaya Therapeutics in the 3rd quarter worth $27,000. Callan Family Office LLC acquired a new position in Tenaya Therapeutics in the second quarter valued at $37,000. Comerica Bank acquired a new position in Tenaya Therapeutics in the first quarter valued at $50,000. Finally, Cerity Partners LLC grew its position in Tenaya Therapeutics by 403.5% during the second quarter. Cerity Partners LLC now owns 110,336 shares of the company’s stock valued at $67,000 after acquiring an additional 88,424 shares during the period. Hedge funds and other institutional investors own 90.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TNYA shares. Wall Street Zen downgraded Tenaya Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Weiss Ratings upgraded Tenaya Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 28th. One equities research 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

Tenaya Therapeutics Company Profile

Tenaya Therapeutics is a clinical‐stage biotechnology company focused on the discovery and development of gene therapy solutions for cardiovascular diseases. Leveraging a proprietary adeno‐associated virus (AAV) platform, the company aims to deliver durable, one‐time treatments for patients suffering from genetic cardiomyopathies and other inherited heart disorders. Its research programs center on optimizing vector design, delivery methods and manufacturing processes to enhance tissue specificity and minimize immune responses.

Founded in 2018 and headquartered in San Carlos, California, Tenaya has built a diversified pipeline of product candidates targeting conditions such as hypertrophic cardiomyopathy and other genetically driven forms of heart disease.