In a report released yesterday, Mani Foroohar from Leerink Partners maintained a Buy rating on Tenaya Therapeutics (TNYA – Research Report), with a price target of $7.00.
Mani Foroohar’s rating is based on the comprehensive evaluation of Tenaya Therapeutics’ latest financial results and its pipeline’s progress. The company’s reaffirmation of its timeline for upcoming data releases and trial enrollments for its various programs, such as TN-201 and TN-401, plays a pivotal role in this positive assessment. Foroohar also takes into account Tenaya’s operational efficiency improvements, including a strategic cost reduction plan that involves reducing the workforce but is expected to extend the company’s financial runway into the second half of 2025.
The financial analysis reveals that the company’s research and development expenses were below expectations, which, coupled with a cash reserve sufficient to support operations into the latter half of 2025, provides a cushion for Tenaya’s ambitious clinical endeavors. Foroohar’s decision to maintain a Buy rating and a price target is further strengthened by the anticipated milestones, such as initial data from the MyPeak-1 trial and the commencement of dosing in the RIDGE-1 trial, both of which could be significant value drivers for Tenaya Therapeutics’ stock.
Foroohar covers the Healthcare sector, focusing on stocks such as Mirum Pharmaceuticals, BridgeBio Pharma, and RegenXBio. According to TipRanks, Foroohar has an average return of -6.9% and a 39.04% success rate on recommended stocks.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $40.00 price target.
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Tenaya Therapeutics (TNYA) Company Description:
Tenaya Therapeutics Inc is a preclinical stage biotechnology company focused on discovering, developing, and delivering curative therapies that address the underlying drivers of heart disease. It is advancing product candidates from three product platforms: gene therapy, cellular regeneration, and precision medicine.
Read More on TNYA:
- Tenaya Therapeutics reports Q1 EPS (40c), consensus (42c)
- Tenaya Therapeutics Reports First Quarter 2024 Financial Results and Provides Business Update
- Tenaya Therapeutics to Highlight Growing Capabilities in Capsid Engineering, Gene Editing and Manufacturing at the American Society of Gene and Cell Therapy 27th Annual Meeting
- Tenaya Therapeutics price target lowered to $18 from $19 at Canaccord
- Tenaya Therapeutics’ Financial Tightrope: Balancing Development Costs with Cash Reserves
