15 Cheapest Stocks Insiders Are Buying In March

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7. Tenaya Therapeutics, Inc. (NASDAQ:TNYA)

Market Capitalization: $113.81 million

Next on this list of 15 cheapest stocks insiders are buying in March is Tenaya Therapeutics. The South San Francisco, California-based company discovers, develops, and delivers therapies for heart disease in the United States.

For the full year 2024, Tenaya Therapeutics reported a net loss of $111.1 million, or $1.31 per share, compared to a net loss of $124.08 million in 2023. Research and development expenses were $86.7 million, down from $98.0 million the previous year.

As of December 31, 2024, the company held $61.4 million in cash, cash equivalents, and marketable securities, a decrease from $104.6 million as of December 31, 2023. With an additional estimated $48.9 million in net proceeds from the March 2025 public offering, Tenaya expects its current funds will be sufficient to support operations through mid-2026.

Recently, the company announced positive preclinical results for its gene therapy candidate, TN-201, which targets MYBPC3-associated hypertrophic cardiomyopathy (HCM), a common genetic cause of heart disease. TN-201 is designed to deliver a working MYBPC3 gene to heart cells, increasing the MyBP-C protein to help treat or even reverse the disease. Preclinical data showed that TN-201 improved heart function and reversed key symptoms of HCM, such as thickening of the heart’s left ventricle. The therapy is now being tested in a clinical trial, MyPEAK-1, at higher doses.

This month, two insiders bought nearly $50 million worth of Tenaya Therapeutics shares at an average price of $0.70 per share. Currently, the stock trades at $0.70, having declined 51.05% year-to-date and 85.60% over the past 12 months.

According to TipRanks, seven analysts have given an average “Buy” rating to Tenaya Therapeutics stock with a price target of $6.25 per share. The average price target suggests a potential upside of 792.86% from the latest price.

Additionally, Tenaya is one of the 13 penny stocks with insider buying in 2024.

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