Morgan Stanley Reduces PT on Tenaya Therapeutics (TNYA), Keeps Constructive Stance on U.S. Small- to Mid-Cap Biotech

Core Viewpoint - Tenaya Therapeutics, Inc. (NASDAQ:TNYA) is experiencing a mixed outlook with a recent price target reduction by Morgan Stanley, yet the company shows promising clinical progress in its gene therapy programs [2][3]. Company Overview - Tenaya Therapeutics, Inc. is a clinical-stage biopharma company focused on developing potentially curative therapies for cardiovascular diseases, with a pipeline that includes gene therapy and precision medicine targeting both inherited and acquired heart conditions [4]. Recent Developments - Morgan Stanley has reduced its price target for Tenaya Therapeutics from $5 to $2 while maintaining an 'Overweight' rating, reflecting a cautious outlook on the company amidst a broader positive sentiment for U.S. small- to mid-cap biotech firms [2]. - The company reported encouraging interim data from the RIDGE-1 Phase 1b/2 trial of its gene therapy TN-401, which showed no dose-limiting toxicities and significant clinical improvements in patients, including a 46% to 89% reduction in arrhythmia burden [3].