Shares of Tenaya Therapeutics (NASDAQ:TNYA) jumped more than 16% in yesterday’s extended trade after two corporate insiders disclosed having purchased TNYA stock worth $50 million. The biotechnology company develops therapies designed to treat heart disease.
David V. Goeddel, Director and more than 10% owner of TNYA stock, bought 9,615,384 shares of the company for a total value of $25 million. Interestingly, Goeddel has had a 74% success rate in his 47 transactions so far, with an average of 30% return per transaction.
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Another insider which owns more than 10% of Tenaya’s shares, COLUMN GROUP III GP, LP, made a similar Buy transaction for $25 million. It is worth noting that Goeddel is one of the managing members of this firm.
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The spike in insider buying activity is due to the closing of Tenaya’s underwritten public offering of 22,613,307 shares of its common stock at a price of $2.60 per share. The total gross proceeds from the offering, excluding expenses, stood at $75 million.
TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Tenaya Stock a Good Buy?
Currently, Wall Street is bullish on TNYA stock. It has a Strong Buy consensus rating based on four unanimous Buy recommendations. The average stock price target of $24.50 implies upside potential of 904%.
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At present, hedge funds have a neutral stance on TNYA stock. Also, Tenaya scores 6 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations.