Tenaya Therapeutics ($TNYA) - "Big W"/Double Bottom LONG setup( NASDAQ:TNYA ) TLDR; Heart disease is bad. Big money is long $TNYA. "Buy low, sell high".
Cardiovascular disease kills more people every year than cancer and Tenaya Therapeutics is working on a pipeline of new treatments (primarily gene therapies) for various heart conditions. They have several clinical trials underway, and of their various trials, all the data has come back showing positive results thus far.
As a pre-revenue biotech company, this is certainly a high-risk/high-reward play, but the management team has been successful in their efforts to reduce spending without negatively impacting their clinical research, resulting in the company consistently beating on earnings estimates quarter after quarter, and "Big Money" appears to be overwhelmingly long NASDAQ:TNYA (dyor, see the recent $24.9 million purchase by insider David Goeddel's fund at $0.70/share and a current 80-90% institutional ownership of shares).
All this leads me to believe that the drop in share price over the last two quarters was unrelated to any perceived prospects/merits of Tenaya's work, and more likely the result of one (or a few) larger long-time shareholders (potentially, institutional IPO-entrants) unwilling to wait any longer for their investment to pay off and finally capitulated their drastically underwater positions from the early 2020s (which was then further exasperated by opportunistic short-selling and offsides retail longs that also chose to cut their losses shortly after).
In short, I think the drastic decline was unwarranted, and thus a drastic repricing/"reversion" (read: "BIG green candles") seems like the most logical path forward and the "Big W" setup is looking strong as of Friday's close (4/11/2025).
As long as the current support zone continues to hold, a clean break above $0.75 will signal a confirmation of reversal to traders and should ultimately result in bullish continuation to T1, A1, A2, and eventually T2/A3 and beyond if the company continues to deliver.
📈🥂
-KP
