Bullish indicating open at $55-$60, IPO prices at $37
Ali Faraz, the Chief Executive Officer of Tenaya Therapeutics , Inc. (NASDAQ:TNYA), recently sold shares of the company’s common stock. According to a filing with the Securities and Exchange Commission, Faraz sold a total of 9,741 shares on March 10, 2025. The sales were executed at a weighted average price of $0.5384 per share, yielding a total transaction value of approximately $5,244. The transaction comes as the company’s stock, currently trading at $0.51, has experienced significant volatility, with InvestingPro data showing a 91% decline over the past year and a market capitalization of just $39.6 million.
The transactions were conducted to cover tax withholding obligations related to the vesting of restricted stock units. After these sales, Faraz retains ownership of 320,514 shares, which includes shares to be issued upon the vesting of additional restricted stock units. The sales were executed in multiple transactions at prices ranging from $0.5080 to $0.5846. According to InvestingPro analysis, while the company maintains a strong current ratio of 5.27 and holds more cash than debt, it faces significant challenges with weak financial health scores. Subscribers can access 15 additional ProTips and comprehensive financial metrics to better understand TNYA’s investment potential.
In other recent news, Tenaya Therapeutics has announced a public offering of common stock and warrants, with Leerink Partners and Piper Sandler serving as joint bookrunning managers. This offering is subject to market conditions and is being conducted under an SEC-approved Registration Statement. Additionally, Tenaya has received an $8 million grant from the California Institute of Regenerative Medicine to support its ongoing Phase 1b RIDGE-1 study of TN-401 gene therapy. This study aims to treat PKP2-associated arrhythmogenic right ventricular cardiomyopathy and has already enrolled over 100 participants.
In corporate developments, Tenaya has appointed Mr. Tomohiro Higa as the Interim Principal Accounting Officer, while also repricing stock options for CEO Faraz Ali to $1.21 per share to retain and motivate him. The repricing affects approximately 915,875 shares, with the original exercise prices ranging from $5.64 to $15.19. Furthermore, the company has repriced stock options for other employees, including Chief Medical (TASE:BLWV) Officer Whit Tingley, to align their interests with shareholders and avoid stock dilution. H.C. Wainwright maintains a Buy rating on Tenaya’s stock, setting a price target of $18.00, reflecting confidence in the company’s ongoing projects and financial strategies.
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