In a report released on March 11, Mani Foroohar from Leerink Partners maintained a Buy rating on Tenaya Therapeutics (TNYA – Research Report), with a price target of $3.00.
Mani Foroohar has given his Buy rating due to a combination of factors related to Tenaya Therapeutics’ recent developments and financial position. The company has made significant progress in its clinical trials, particularly with TN-201 in hypertrophic cardiomyopathy (HCM), where they have initiated dosing in the second cohort and expect to complete enrollment in the first half of 2025. This progress includes plans to share additional clinical data later in the year, which could provide further insights into the treatment’s efficacy.
Moreover, Tenaya Therapeutics has a robust pipeline with ongoing studies, such as the MyClimb pediatric natural history study and TN-401 for arrhythmogenic right ventricular cardiomyopathy (ARVC). Financially, the company is in a strong position, having ended the fourth quarter of 2024 with a substantial cash reserve, bolstered by a recent secondary offering. This financial stability is expected to support their operations into mid-2026, providing a solid foundation for continued research and development efforts.
In another report released on March 11, Chardan Capital also maintained a Buy rating on the stock with a $9.00 price target.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TNYA in relation to earlier this year.