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In a recent transaction, Higa Tomohiro, Senior Vice President of Finance at Tenaya Therapeutics , Inc. (NASDAQ:TNYA), sold 1,390 shares of the company’s common stock. The company, currently trading at $0.45, has seen its stock price decline by approximately 89% over the past year, according to InvestingPro data. The shares were sold at a price of $0.4427 each, totaling approximately $615. Following this transaction, Tomohiro holds 98,300 shares, which includes 62,250 shares to be issued upon the vesting of restricted stock units. The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units awarded on August 15, 2024. InvestingPro analysis reveals the company maintains a strong liquidity position with a current ratio of 6.68 and holds more cash than debt on its balance sheet. Discover 12 additional exclusive insights about TNYA with an InvestingPro subscription.
In other recent news, Tenaya Therapeutics has reported significant progress in its gene therapy initiatives. The company shared interim data from its RIDGE study on arrhythmogenic right ventricular cardiomyopathy (ARVC), revealing a high incidence of arrhythmias among patients and suggesting a substantial number could be candidates for Tenaya’s TN-401 gene therapy. Additionally, Tenaya is advancing its TN-401 Phase 1b clinical trial, with plans to report safety and biopsy data later this year. Meanwhile, Tenaya received a notification from Nasdaq about a potential delisting due to its stock price falling below the minimum requirement, prompting the company to explore options to address this issue. In a separate development, Tenaya unveiled promising preclinical data for TN-201, a gene therapy targeting hypertrophic cardiomyopathy (HCM), which showed improved cardiac function in studies. The TN-201 trial, MyPEAK-1, is progressing with plans to present more data at an upcoming scientific session. Analysts at H.C. Wainwright and Canaccord Genuity have maintained Buy ratings for Tenaya, with Canaccord adjusting its price target to $6.00. These developments underscore Tenaya’s ongoing efforts in gene therapy research and its challenges in maintaining Nasdaq compliance.
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