Morgan Stanley Backs Tenaya Therapeutics (TNYA) as SMID-Cap Biotech Primed to Outperform in 2026

Group 1 - Tenaya Therapeutics Inc. (NASDAQ:TNYA) is considered an overlooked growth stock with potential for investment [1] - Morgan Stanley has lowered its price target for Tenaya Therapeutics to $2 from $5 while maintaining an Overweight rating, predicting that US small-to-mid cap biotech stocks will outperform in 2026 [1] - Canaccord Genuity has also reduced its price target for Tenaya Therapeutics to $4 from $6, reflecting the impact of a recent $60 million capital raise that extended the company's cash runway into mid-2027 [2] - H.C. Wainwright lowered its price target for Tenaya Therapeutics to $3 from $5, primarily due to share dilution from the $60 million public offering, which is crucial for supporting key gene therapy programs [3] Group 2 - Tenaya Therapeutics is a clinical-stage biotech company focused on therapies for heart disease in the US [4] - Despite the potential of Tenaya, some analysts believe that certain AI stocks may offer greater upside potential and carry less downside risk [4]