Analyst Cory Jubinville, PhD of LifeSci Capital maintained a Buy rating on Tenaya Therapeutics (TNYA – Research Report), with a price target of $16.00.
Cory Jubinville, PhD, based his Buy rating on several influencing factors. The main reason was the recent announcement made by Tenaya Therapeutics about their clearance from the FDA for the TN-401 (AAV9-PKP2 gene therapy) program. This therapy is designed to tackle arrhythmogenic right ventricular cardiomyopathy (ARVC), a common type of cardiomyopathy that currently has no treatments targeting the underlying causes. The clearance marks the third of its kind granted this year for a PKP2-ARVC AAV gene therapy, however, Tenaya’s approach stands out due to the significant amount of human data backing the effectiveness of AAV9 gene therapy.
Moreover, compared to similar programs led by Rocket and Lexeo, Tenaya’s TN-401 is seen as considerably more de-risked from a clinical perspective. This evaluation comes from the extensive in-human data supporting the AAV9 gene therapy, including its proven cardiac transduction. Additionally, the RIDGE-1 study design, which is set to enroll up to 15 adult PKP2-ARVC patients with an implanted ICD, is expected to provide meaningful efficacy updates early on. These factors, combined with the potential for interim data from all three programs next year, contribute to the confidence in Tenaya’s stock, thus leading to a Buy rating.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $18.00 price target.
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Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TNYA in relation to earlier this year.
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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 Announces FDA Clearance to Begin Clinical Testing of TN-401 Gene Therapy for the Treatment of PKP2-Associated Arrhythmogenic Right Ventricular Cardiomyopathy
- Tenaya Therapeutics management to meet virtually with Piper Sandler
- Tenaya Therapeutics presents clinical, preclinical data on TN-301 program
- Tenaya Therapeutics Presents Encouraging New Clinical and Preclinical Data from HDAC6 Inhibitor Program TN-301 for the Potential Treatment of Heart Failure with Preserved Ejection Fraction at the 2023 HFSA Annual Scientific Meeting
- Tenaya Therapeutics doses first patient in MyPeak-1 Phase 1b trial of TN-201
