Buy Rating Affirmed for Tenaya Therapeutics Amid Promising TN-201 Data and Financial Stability

Morgan Stanley analyst Michael Ulz has maintained their bullish stance on TNYA stock, giving a Buy rating yesterday.

Michael Ulz has given his Buy rating due to a combination of factors related to Tenaya Therapeutics’ recent data updates. The updated Phase 1b/2a data for TN-201, targeting MYBPC3-associated hypertrophic cardiomyopathy, showed promising signs of activity and a manageable safety profile, despite the limited data. The pharmacokinetic data revealed encouraging transgene DNA vector copy numbers and RNA expression improvements, particularly in Patients 1 and 2 over a 52-week period.
Furthermore, the clinical endpoints demonstrated stabilization in imaging measures and improvements in NYHA functional class across all patients. The safety profile was consistent with other AAV gene therapies, with no significant concerns. Additionally, Tenaya’s restructuring efforts have modestly extended their cash runway into the second half of 2026, providing financial stability. These elements collectively support the Buy rating, as they indicate potential for future success and growth.

In another report released yesterday, LifeSci Capital also maintained a Buy rating on the stock with a $3.00 price target.