Tenaya Therapeutics Inc (TNYA) PT Lowered to $23 at Chardan Capital Markets, Keeps 'Buy'

Chardan Capital Markets analyst Geulah Livshits lowered the price target on Tenaya Therapeutics Inc (NASDAQ: TNYA) to $23.00 (from $24.00) while maintaining a Buy rating.

The analyst commented, "On 10 May, Tenaya Therapeutics reported 1Q23 results and again reiterated catalysts for the remainder of the year including: phase I data on small molecule HDAC6i TN-301 in 2H23, phase Ib trial initiation for AAV9 GT TN-201 in hypertrophic cardiomyopathy (HCM) with MYBPC3 mutations in 3Q23, and IND filing for its 2nd GT, TN-401 in arrhythmogenic right ventricular cardiomyopathy (ARVC) with PKP2 mutations on track for 2H23. Tenaya ended the quarter with $174 mm in cash, cash equivalents and investments in marketable securities (vs. $204 mm at end of 4Q22) with a runway into 1H25. Updating our model for 1Q23 financials brings our PT to $23."

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