Bullish indicating open at $55-$60, IPO prices at $37
Tingley Whittemore, the Chief Medical (TASE:BLWV) Officer at Tenaya Therapeutics , Inc. (NASDAQ:TNYA), recently sold 7,398 shares of the company’s common stock. The transactions, disclosed in a recent SEC filing, resulted in total proceeds of approximately $3,982. The clinical-stage biotechnology company, currently valued at around $40 million, has seen its stock decline nearly 91% over the past year.
The shares were sold at a weighted average price of $0.5384 per share, with individual transaction prices ranging from $0.5080 to $0.5846. These sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units. According to InvestingPro data, the stock has shown significant volatility, with prices currently hovering near $0.51, well below its 52-week high of $6.47.
Following these transactions, Whittemore holds a total of 174,793 shares directly. This figure includes shares that will be issued upon the vesting of additional restricted stock units. While the company maintains a strong current ratio of 5.27 and holds more cash than debt, InvestingPro analysis reveals 14 additional key insights about the company’s financial health and market position.
In other recent news, Tenaya Therapeutics announced a public offering of common stock and warrants, aiming to raise funds for its ongoing projects. The offering will include common stock and two series of warrants, with certain investors also having access to pre-funded warrants. Leerink Partners and Piper Sandler are managing the offering, which is subject to market conditions. Tenaya also appointed Mr. Tomohiro Higa as the Interim Principal Accounting Officer, while repricing stock options for CEO Faraz Ali to $1.21 per share, aiming to retain him until July 2025 or until a change in control occurs. Additionally, the company repriced underwater stock options for its employees, including Chief Medical Officer Whit Tingley, to align employee interests with those of shareholders. H.C. Wainwright maintained a Buy rating on Tenaya, citing a recent $8 million grant from the California Institute of Regenerative Medicine to support the TN-401 gene therapy study. The RIDGE-1 Phase 1b trial for TN-401 is progressing, with initial data expected in late 2025. The company is also advancing its TN-201 and TN-401 gene therapy candidates, with several regulatory designations from the FDA and European Commission.
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