Tenaya Therapeutics: 2026 Clinical Milestones, FDA Pivotal Pathway, and Strengthened Balance Sheet Support Buy Rating

William Blair analyst Sami Corwin has maintained their bullish stance on TNYA stock, giving a Buy rating today.

Sami Corwin has given his Buy rating due to a combination of factors related to Tenaya Therapeutics’ clinical, regulatory, and financial positioning. He sees the company’s detailed 2026 roadmap for its two lead gene therapy programs, TN-201 and TN-401, as providing improved visibility into potentially value-creating milestones. In particular, he expects the forthcoming TN-201 readouts in the first half of 2026, including extended follow-up from the initial cohort and one-year data from the second cohort, to substantially reduce development risk for this program. He also highlights the planned data from the higher-dose cohort in the TN-401 RIDGE-1 trial as an important proof point for achieving stronger PKP2 expression and better functional outcomes.

Corwin further emphasizes that upcoming interactions with the FDA on both TN-201 and TN-401—aimed at agreeing on pivotal trial designs—could clarify the path and timelines toward potential commercialization, serving as major stock catalysts in 2026. On the financial side, he notes that Tenaya has strengthened its balance sheet through a recent equity raise, extending its cash runway into mid-2027. This funding horizon appears sufficient to execute on the company’s key clinical and regulatory initiatives, reducing the need for near-term capital and supporting continued development progress. Taken together, the anticipated data readouts, regulatory milestones, and solid capital position underpin his positive view and support the Buy recommendation on Tenaya’s shares.

In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $3.00 price target.