Bullish indicating open at $55-$60, IPO prices at $37
David Goeddel, a director and significant stakeholder of Tenaya Therapeutics , Inc. (NASDAQ:TNYA), has made a substantial investment in the company’s stock amid significant price volatility. The stock has declined nearly 55% in the past week alone, with shares currently trading at $0.46. According to a recent SEC filing, Goeddel purchased 35,714,284 shares of Tenaya’s common stock at a price of $0.70 per share. This transaction, which occurred on March 5, 2025, amounted to a total investment of approximately $24.9 million.
The acquisition was part of an underwritten public offering where The Column Group Opportunity (SO:FTCE11B) III, LP, an entity with which Goeddel is affiliated, acquired units consisting of common stock, Series A warrants, and Series B warrants. The Series A warrants grant the right to purchase additional shares at $0.80 per share, while the Series B warrants allow for purchases at $0.70 per share, with respective expiration dates in 2030 and 2026. InvestingPro data shows the company maintains a strong liquidity position with more cash than debt and a current ratio of 5.27x.
Following this transaction, Goeddel holds a significant number of shares, reflecting his confidence in the future prospects of Tenaya Therapeutics, a company specializing in biological products. According to InvestingPro analysis, the stock appears slightly undervalued at current levels, with 14 additional real-time insights available to subscribers.
In other recent news, Tenaya Therapeutics announced a public offering of common stock and warrants, including pre-funded warrants, as part of its efforts to raise capital. The offering is contingent on market conditions, and Leerink Partners and Piper Sandler are serving as joint bookrunning managers. Additionally, Tenaya has appointed Mr. Tomohiro Higa as the Interim Principal Accounting Officer while repricing stock options for CEO Faraz Ali to retain and motivate leadership. The repricing of stock options also extends to other employees, adjusting underwater options to a new exercise price of $1.21 per share. This strategic move aims to prevent stock dilution and avoid increased cash compensation.
Furthermore, Tenaya received an $8 million grant from the California Institute of Regenerative Medicine to support its Phase 1b RIDGE-1 study of TN-401, a gene therapy for PKP2-associated arrhythmogenic right ventricular cardiomyopathy. H.C. Wainwright maintained a Buy rating on Tenaya with a price target of $18.00, highlighting the potential of the TN-401 gene therapy. The company is also advancing its TN-201 and TN-401 gene therapy candidates, with clinical trials expected to yield data in 2025. These developments underscore Tenaya’s ongoing commitment to advancing gene therapies for heart conditions.
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