Morgan Stanley Reduces PT on Tenaya Therapeutics (TNYA), Keeps Constructive Stance on U.S. Small- to Mid-Cap Biotech

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On January 8, 2026, TheFly reported that Morgan Stanley reduced its terms people connected Tenaya Therapeutics, Inc. (NASDAQ:TNYA) from $5 to $2, portion reiterating an ‘Overweight’ rating. The steadfast keeps its constructive stance connected U.S. small- to mid-cap biotech successful 2026, arsenic it expects prime companies to modulation from superior consumers to superior producers. Meanwhile, large-cap biopharma is projected to look headwinds amid an approaching patent cliff.

Meanwhile, Morgan Stanley’s cautious outlook was preceded by encouraging objective momentum reported earlier. On December 11, 2025, Tenaya Therapeutics, Inc. (NASDAQ:TNYA) released interim information from the RIDGE-1 Phase 1b/2 proceedings of TN-401, the company’s cistron therapy for PKP2-associated ARVC. The therapy was well-tolerated among 3 patients dosed astatine 3E13 vg/kg, with nary dose-limiting toxicities. Meanwhile, 2 patients reported accrued PKP2 macromolecule look and clinically important reductions successful arrhythmia burden, including PVC declines of 46% and 89%. The institution reported continued objective progress, with enrollment astatine the higher 6E13 vg/kg dose marking completion, with nary caller treatment-related superior adverse events.

Tenaya Therapeutics, Inc. (NASDAQ:TNYA), a clinical-stage biopharma company, develops perchance curative therapies for cardiovascular disease. Its pipeline spans cistron therapy and precision medicine programs targeting inherited and acquired bosom conditions.

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