Short Interest in Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Rises By 18.8%

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 16,690,000 shares, an increase of 18.8% from the November 30th total of 14,050,000 shares. Based on an average daily volume of 4,350,000 shares, the short-interest ratio is currently 3.8 days. Approximately 25.4% of the company’s stock are sold short.

Hedge Funds Weigh In On Tenaya Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Synovus Financial Corp bought a new stake in shares of Tenaya Therapeutics during the third quarter worth about $28,000. Geode Capital Management LLC boosted its position in Tenaya Therapeutics by 5.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,296,156 shares of the company’s stock worth $2,502,000 after buying an additional 66,968 shares during the period. XTX Topco Ltd grew its holdings in Tenaya Therapeutics by 51.2% during the 3rd quarter. XTX Topco Ltd now owns 49,290 shares of the company’s stock worth $95,000 after acquiring an additional 16,687 shares during the last quarter. Wellington Management Group LLP increased its position in Tenaya Therapeutics by 35.6% in the 3rd quarter. Wellington Management Group LLP now owns 294,133 shares of the company’s stock valued at $568,000 after acquiring an additional 77,235 shares during the period. Finally, State Street Corp raised its stake 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 valued at $2,044,000 after acquiring an additional 9,506 shares during the last quarter. Institutional investors own 90.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TNYA. Leerink Partners reiterated an “outperform” rating on shares of Tenaya Therapeutics in a report on Friday, October 18th. Canaccord Genuity Group reiterated a “buy” rating and set a $16.00 price objective on shares of Tenaya Therapeutics in a research note on Friday, October 18th. Piper Sandler reissued an “overweight” rating on shares of Tenaya Therapeutics in a research note on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price target on shares of Tenaya Therapeutics in a research report on Wednesday, December 18th. Finally, Chardan Capital reiterated a “buy” rating and issued a $18.00 price target on shares of Tenaya Therapeutics in a research note on Wednesday, December 18th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Tenaya Therapeutics has a consensus rating of “Buy” and an average price target of $17.33.

Tenaya Therapeutics Trading Down 3.3 %

NASDAQ TNYA opened at $1.45 on Tuesday. The company has a market cap of $114.87 million, a price-to-earnings ratio of -1.01 and a beta of 2.72. The company has a 50 day moving average of $2.41 and a 200-day moving average of $2.60. Tenaya Therapeutics has a 1-year low of $0.99 and a 1-year high of $7.01.

Tenaya Therapeutics (NASDAQ:TNYA) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.07. On average, equities research analysts forecast that Tenaya Therapeutics will post -1.35 earnings per share for the current year.

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.