Analyst Whitney Ijem of Canaccord Genuity maintained a Buy rating on Tenaya Therapeutics (TNYA – Research Report), retaining the price target of $6.00.
Whitney Ijem has given his Buy rating due to a combination of factors, primarily centered around the promising developments in Tenaya Therapeutics’ TN-201 program. The recent publication of preclinical data in a reputable journal highlights the potential efficacy of TN-201 in treating MYBPC3 hypertrophic cardiomyopathy, as demonstrated in both human stem cell-derived cardiomyocytes and mouse models. This builds upon previously announced data from the Phase 1/2 MyPeak-1 trial, which showed a favorable safety profile and successful gene transduction.
Looking ahead, the upcoming data presentation at the American College of Cardiology meeting is anticipated to provide further insights into the safety and early efficacy of TN-201. The presentation will include detailed follow-up data from the first three patients treated in the trial, offering additional evidence to support the therapeutic potential of TN-201. These developments collectively reinforce the positive outlook for Tenaya Therapeutics, justifying the Buy rating.
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.