Column Group III GP Trims Tenaya Holdings Amid Quiet Stock Volatility, Raising Investor Questions About Future Confidence

Column Group III GP, LP, Continues to Trim Holdings Amid Quiet Share Price Volatility

On February 20, 2026, Column Group III GP, LP (TCG III GP) sold 245,965 shares of Tenaya Therapeutics at an average price of $0.61—slightly below the day’s close of $0.62. This transaction is part of a broader pattern of recent sales that saw the firm divest a cumulative 1.8 million shares over the past two weeks, reducing its stake from roughly 49.3 million shares to just over 49.2 million. The sell‑off comes at a time when Tenaya’s stock has been trading in a tight range between $0.36 and $0.62, with a 52‑week low of $0.36 and a high of $2.35. Investors may view the moves as a routine portfolio rebalancing rather than a negative signal, especially given the firm’s historical focus on long‑term value creation.

Implications for Investors and the Company’s Outlook

The incremental price drop associated with TCG III GP’s sales—0.05% on the day—has been largely eclipsed by the broader market sentiment surrounding Tenaya. With a sentiment score of +8 and a social media buzz of 45%, the stock is experiencing relatively muted attention. The company’s fundamentals remain modest: a market cap of $127 million, negative P/E of –0.87, and a price‑to‑book ratio of 1.62. These metrics underscore that Tenaya is still in the R&D stage, with no earnings to justify valuation multiples. For investors, the current insider activity suggests that the firm is not under pressure to raise capital or liquidate assets, but rather that the owner is selectively pruning its position in a highly volatile environment.

Profile of Column Group III GP, LP

TCG III GP is a general partner of several limited partnership vehicles that hold substantial positions in Tenaya. Its transaction history is characterized by large, block trades conducted at market‑constrained prices (between $0.60 and $0.63 in the most recent window). Historically, the group has sold shares in multiple batches—often two or more transactions in a single day—without a discernible pattern of timing around earnings announcements or product milestones. The owner’s managing partners, Peter Svennilson and Tim Kutzkey, appear to exercise voting and investment authority but maintain a nominal “beneficial ownership” disclaimer, indicating that the trades are executed on behalf of the partnership rather than personal holdings. This structure is common for institutional investors seeking liquidity while preserving long‑term exposure.

What This Means for Tenaya’s Future

The continued presence of a large institutional shareholder, even as it trims its stake, is a double‑edged sword. On one hand, institutional backing can lend credibility to the company’s pipeline and provide a buffer against extreme short‑term volatility. On the other hand, frequent sell‑offs may raise questions about confidence in the company’s near‑term milestones. Tenaya’s strategic priorities—outlined in January 2026—remain ambitious, but without a clear path to profitability, the company will need to demonstrate tangible clinical progress to convince investors that its valuation is justified. Until such milestones materialize, the stock will likely remain a speculative play, with insider activity serving as a barometer of confidence rather than a definitive guide to performance.