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On Thursday, Canaccord Genuity adjusted its price target for Tenaya Therapeutics Inc (NASDAQ:TNYA) shares, bringing it down to $6.00 from the previous $18.00, while still upholding a Buy rating for the stock. Currently trading at $0.60, the stock has shown significant volatility, gaining nearly 28% in the past week despite being down 88% over the last year. The revision follows Tenaya’s fourth-quarter 2024 earnings report, which was described as straightforward by Canaccord Genuity analysts. According to InvestingPro, the company currently appears undervalued based on its Fair Value analysis.
The more significant news for Tenaya came earlier in December, with the announcement of encouraging clinical data from the first cohort of their Phase 1b/2 MyPeak-1 study. This study is investigating TN-201, a potential treatment for MYBPC3-associated hypertrophic cardiomyopathy (HCM). The initial data provided clear evidence of TN-201’s ability to create its target protein and impact the disease, although more long-term data from additional patients are required to address remaining questions. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 4.22, though it’s currently burning through cash rapidly.
Tenaya has announced plans to present longer-term data from all three patients in the first cohort at the upcoming American College of Cardiology meeting in Chicago, scheduled for March 29-31, 2025. Meanwhile, the trial has moved forward to a second dose cohort, where two participants have already been successfully dosed.
In addition to the progress with TN-201, Tenaya has also made strides with its second gene therapy program, TN-401. The company has dosed two patients with TN-401 and remains on schedule to release initial data in the second half of 2025.
Canaccord Genuity’s report concluded with a reiteration of their Buy rating for Tenaya Therapeutics, noting that their financial model has been updated to reflect the fourth-quarter 2024 results and the recent progress in the company’s clinical programs. InvestingPro reveals strong analyst confidence, with a consensus recommendation of 1.33 (where 1 is Strong Buy) and price targets ranging from $3 to $40. Subscribers can access 15 additional ProTips and comprehensive financial metrics for deeper analysis.
In other recent news, Tenaya Therapeutics reported its 2024 earnings, revealing a fourth-quarter earnings per share (EPS) of ($0.28) and a full-year EPS of ($1.31), slightly outperforming analyst expectations. The company concluded the year with $61.4 million in cash reserves and an additional $48.89 million from a recent financing round, which is expected to sustain operations into mid-2026. H.C. Wainwright analyst Joseph Pantginis adjusted the price target for Tenaya to $5.00 from $18.00 while maintaining a Buy rating, citing recent financial developments. Tenaya also announced a public offering of common stock and warrants, with Leerink Partners and Piper Sandler as joint bookrunning managers. Additionally, the company appointed Mr. Tomohiro Higa as the Interim Principal Accounting Officer, and repriced certain stock options to $1.21 per share to retain key staff, including CEO Faraz Ali and Chief Medical (TASE:BLWV) Officer Whit Tingley. The repricing decision, approved by the Compensation Committee, aims to prevent stock dilution and retain talent. Furthermore, Tenaya received an $8 million grant from the California Institute of Regenerative Medicine to support its Phase 1b RIDGE-1 study of the TN-401 gene therapy.
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