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On Tuesday, H.C. Wainwright analyst Joseph Pantginis maintained a Buy rating on Tenaya Therapeutics Inc (NASDAQ:TNYA), with a price target of $18.00. This aligns with the strong overall analyst consensus, as shown by InvestingPro data, with analyst targets ranging from $6 to $40. The firm’s endorsement follows Tenaya’s recent announcement that it has received an $8 million grant from the California Institute of Regenerative Medicine (CIRM) to support its ongoing Phase 1b RIDGE-1 study of TN-401 gene therapy.
CIRM, a California-based initiative, funds research in regenerative medicine, stem cell, and gene therapy. The CLIN2 grant awarded to Tenaya is specifically designed to fund clinical trial stage programs. With a robust current ratio of 5.27 and more cash than debt on its balance sheet, as reported by InvestingPro, the company appears well-positioned to advance its clinical programs. TN-401 is currently being developed to treat PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC), a genetic disorder that affects the heart muscle.
The RIDGE-1 study is an open-label, dose-escalation trial that aims to assess the safety, tolerability, and preliminary efficacy of a one-time intravenous infusion of TN-401 in symptomatic adults diagnosed with PKP2-associated ARVC. The trial has made significant progress, with more than 100 participants enrolled across 18 clinical sites. The study is expected to complete enrollment for Cohort 1 in the first half of 2025, with initial data anticipated in the second half of the same year.
The initial data from Cohort 1, which will receive TN-401 at the 3E13 vg/kg dose, is expected to include safety assessments and post-dose biopsy results. Moreover, Tenaya is planning to activate its first clinical site outside of the United States for the RIDGE-1 study within the first half of 2025.
In addition to the RIDGE-1 study, Tenaya is preparing to present data from a non-interventional natural history and seroprevalence study, known as RIDGE, in the first half of 2025. The support from CIRM through the grant is seen as a significant endorsement of TN-401’s potential and is expected to substantially aid in the clinical development of the therapy. For investors seeking deeper insights into Tenaya’s financial health and growth potential, InvestingPro offers 14 additional exclusive tips and comprehensive financial metrics.
In other recent news, Tenaya Therapeutics has reported positive early findings from its MyPEAK-1 clinical trial for TN-201, a gene therapy for MYBPC3-associated hypertrophic cardiomyopathy. The Data Safety Monitoring Board has approved the continuation of dosing in the second cohort of the study. Simultaneously, the company has initiated a Phase 1b study for TN-401, another gene therapy targeting arrhythmogenic right ventricular cardiomyopathy, with preliminary data expected in 2025.
Additionally, Tenaya has repriced certain stock options, affecting approximately 4.1 million shares, to motivate and retain its employees amid challenging market conditions. This decision was made after consultation with an independent compensation advisor and aims to prevent stock dilution from additional equity grants.
Analyst firms such as H.C. Wainwright and Piper Sandler have maintained their Buy and Overweight ratings respectively, showing confidence in Tenaya’s ongoing developments. However, the company has also announced the departure of Leone Patterson, its Chief Financial and Business Officer, and is currently seeking a replacement. These are some of the latest developments for Tenaya Therapeutics.
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