H.C. Wainwright Reiterates Buy Rating on Tenaya Therapeutics Inc (TNYA)

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating and $18.00 price target on Tenaya Therapeutics Inc (NASDAQ: TNYA).

The analyst commented: 'Tenaya announced on February 3 that it received an $8 million CLIN2 grant from the California Institute of Regenerative Medicine (CIRM) to help fund clinical trial costs for the company's ongoing Phase 1b RIDGE-1 study of TN-401 gene therapy. CIRM is a California-based initiative that funds regenerative medicine, stem cell, and gene therapy research, with the CLIN2 grant specifically providing funding for clinical trial stage programs. Recall, TN-401 is currently being developed for the treatment of PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC). RIDGE-1 is an open-label, dose-escalation trial assessing the safety, tolerability and preliminary efficacy of a one-time I.V. infusion of TN-401 in symptomatic adults who have been diagnosed with PKP2-associated ARVC. The study is expected to complete enrollment of Cohort 1 in 1H25, with an initial look at data expected in 2H25. The anticipated first data from Cohort 1 patients receiving TN-401 at the 3E13 vg/kg dose will include safety and post-dose biopsy results. To date, RIDGE has enrolled more than 100 PKP2-associated ARVC participants across 18 clinical sites. The company expects to activate its first ex-U.S. RIDGE-1 clinical site in 1H25. Further, Tenaya plans to present data from the non-interventional natural history and seroprevalence study (known as RIDGE) in 1H25. We believe this CIRM grant is a sign of external validation and will significantly support the clinical advancement of TN-401. Reiterate Buy rating and $18 PT."

For an analyst ratings summary and ratings history on Tenaya Therapeutics Inc click here. For more ratings news on Tenaya Therapeutics Inc click here.

Shares of Tenaya Therapeutics Inc closed at $1.05 yesterday.

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