Tenaya Therapeutics Inc. (TNYA) looking to reclaim success with recent performance

Tenaya Therapeutics Inc. (NASDAQ: TNYA) stock jumped 12.16% on Friday to $2.86 against a previous-day closing price of $2.55. With 0.75 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.29 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $2.8775 whereas the lowest price it dropped to was $2.6500. The 52-week range on TNYA shows that it touched its highest point at $16.17 and its lowest point at $1.64 during that stretch. It currently has a 1-year price target of $24.33.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of TNYA was up-trending over the past week, with a rise of 23.28%, but this was up by 40.20% over a month. Three-month performance surged to 4.00% while six-month performance fell -46.84%. The stock lost -69.61% in the past year, while it has gained 42.29% so far this year. A look at the trailing 12-month EPS for TNYA yields -2.81 with Next year EPS estimates of -2.59. For the next quarter, that number is -0.65. This implies an EPS growth rate of -320.00% for this year and 8.80% for next year.

Float and Shares Shorts:

At present, 63.99 million TNYA shares are outstanding with a float of 60.93 million shares on hand for trading. On Oct 13, 2022, short shares totaled 1.5 million, which was 3.64% higher than short shares on Sep 14, 2022. In addition to Mr. Faraz Ali M.B.A. as the firm’s CEO, Sec. & Director, Dr. Deepak Srivastava M.D. serves as its Scientific Founder, Chairman of Scientific Advisory Board & Director.

Institutional Ownership:

Through their ownership of 91.12% of TNYA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 40.13% of TNYA, in contrast to 24.20% held by mutual funds. Shares owned by individuals account for 18.54%. As the largest shareholder in TNYA with 10.04% of the stake, Casdin Capital LLC holds 6,427,200 shares worth 6,427,200. A second-largest stockholder of TNYA, Fidelity Management & Research Co, holds 3,124,506 shares, controlling over 4.88% of the firm’s shares. RTW Investments LP is the third largest shareholder in TNYA, holding 2,458,750 shares or 3.84% stake. With a 3.80% stake in TNYA, the T Rowe Price New Horizons Fund is the largest stakeholder. A total of 2,431,867 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.01% of TNYA stock, is the second-largest Mutual Fund holder. It holds 1,283,462 shares valued at 2.58 million. Fidelity Select Port. – Biotechno holds 1.98% of the stake in TNYA, owning 1,263,918 shares worth 2.54 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for TNYA since 6 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With TNYA analysts setting a high price target of $40.00 and a low target of $15.00, the average target price over the next 12 months is $24.20. Based on these targets, TNYA could surge 1298.6% to reach the target high and rise by 424.48% to reach the target low. Reaching the average price target will result in a growth of 746.15% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. TNYA will report FY 2022 earnings on 03/21/2024. Analysts have provided yearly estimates in a range of -$2.25 being high and -$2.97 being low. For TNYA, this leads to a yearly average estimate of -$2.73. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Tenaya Therapeutics Inc. surprised analysts by -$0.09 when it reported -$0.74 EPS against a consensus estimate of -$0.66. The surprise factor in the prior quarter was $0.07. Based on analyst estimates, the high estimate for the next quarter is -$0.51 and the low estimate is -$0.78. The average estimate for the next quarter is thus -$0.66.

Summary of Insider Activity:

Insiders traded TNYA stock several times over the past three months with 4 Buys and 0 Sells. In these transactions, 21,953,579 shares were bought while 0 shares were sold. The number of buy transactions has increased to 4 while that of sell transactions has risen to 1 over the past year. The total number of shares bought during that period was 21,953,579 while 1,353 shares were sold.

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