William Blair starts Tenaya with Outperform on pipeline potential

William Blair initiated coverage of Tenaya Therapeutics with an Outperform rating and $14 fair value estimate. Tenaya is a clinical-stage biotechnology company developing first-in-class or best-in-class therapies for cardiovascular diseases, the analyst tells investors in a research note. The firm says the company’s pipeline extends beyond gene augmentation and includes small molecule, gene editing, and cellular regeneration technologies, enabling it to deploy the best therapeutic approach for a given indication. It believes Tenaya’s gene therapy candidates “could be first- and/or best-in-class therapies.” Positive commentary from the FDA and recent regulatory precedent provide optimism on a potential accelerated registrational pathway, contends Blair.