Piper Sandler Reaffirms Overweight on Tenaya Therapeutics (TNYA), $40 Price Target
Piper Sandler reiterated its Overweight rating and $40.00 price target on Tenaya Therapeutics (NASDAQ: TNYA), arguing that the market is overlooking a key potential value driver: TN-301.
The analysts note that the Street currently assigns no value to TNYA for TN-301, an in-house small molecule HDAC6 inhibitor they see as a potentially major opportunity across cardiovascular and orphan indications. They frame the space as under-exploited — only 5 pan-HDAC inhibitors are approved versus 6 HDAC6-specific inhibitors in development — and point to validating deal activity, notably Novartis' (NVS) up-to $1.3B licensing agreement for PKN605, an HDAC6 inhibitor in Phase 2 for atrial fibrillation (AF).
Tenaya is positioned ahead on this front: TN-301 is Phase 2-ready across several indications, with a 2H26 update expected to clarify indication selection and timelines. Piper's deep dive covers TN-301's Phase 1 data in healthy volunteers (HVs) and preclinical work (5 in-vivo, 3 ex-vivo) spanning indications such as HFpEF and DMD.
The firm views the setup as an opportune buying opportunity, casting the 2H26 update as a key inflection point that could solidify TN-301's "pipeline-in-a-pill" value proposition.