Piper Sandler notes Tenaya Therapeutics (TNYA) reported positive initial MyPEAK-1 data. TN-201 showed encouraging 3 patient data that demonstrated effective cardiac transduction, with increased RNA expression, and a 53% increase in MyBP-C protein in Patient 1, the firm highlights. Additionally, TN-201 showed a clean safety profile, which opens the door for cohort 2 higher dosing given the recent DSMB clearance, says Piper. The firm continues to be bullish on Tenaya and views the initial positive MyPEAK-1 readout as a significant de-risking event for higher dosing and additional data expected in 2025. Piper has an Overweight rating on the shares with a price target of $40.
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