Tenaya Insider Sale: Column Group III LP Offloads 2.6M Shares Amid Stock Decline, Sparking Investor Speculation on Future Pipeline Confidence

Insider Selling by Column Group III GP, LP Signals a Shift in Ownership Dynamics The most recent Form 4 filing on February 10, 2026 shows Column Group III GP, LP (TCG III LP) selling 161,422 shares of Tenaya Therapeutics common stock at a weighted average price of $0.82. The transaction is part of a broader pattern of sales that began the previous day when the same entity sold an additional 182,295 shares at the same price level. Two days later, on February 11, TCG III LP sold 1,905,115 shares at $0.68 and 2,151,458 shares at the same price, reducing its holding to 2,651,817 shares. These sales constitute roughly 4 % of the outstanding shares and reflect a systematic divestment strategy rather than a one‑off liquidation.

Implications for Investors and Tenaya’s Future The timing of the sales is noteworthy: they occur amid a sharp decline in Tenaya’s stock price, which has fallen 8.8 % over the week and 9.9 % over the month. While the sales do not trigger a “wash sale” or insider‑trading violation, the volume of shares being off‑loaded can pressure liquidity and potentially drive the price lower if other market participants interpret the action as a lack of confidence. The sentiment score of +37 and a buzz level of 59 % indicate that the market is reacting positively to the news, suggesting that investors may see these trades as a routine portfolio rebalancing rather than a negative signal. Nonetheless, the cumulative effect of multiple insider sales could influence short‑term volatility and may prompt analysts to reassess Tenaya’s valuation, especially given its negative earnings and a price‑to‑earnings ratio of –1.12.

Profile of Column Group III GP, LP Column Group III GP, LP is a general partner that manages several limited partnerships (TCG III LP, TCG III‑A LP, and TCG Opportunity III LP). Historically, the group has maintained a large stake in Tenaya—nearly 49.3 million shares—yet has shown a tendency to sell in tranches when the price reaches attractive levels. The recent pattern—selling at $0.82 and then at $0.68—suggests that the group is capitalizing on short‑term price movements while keeping a residual position for long‑term exposure. This behavior aligns with a strategy of opportunistic harvesting: the group sells when it perceives the market price reflects a favorable valuation relative to its cost basis, yet retains enough shares to benefit from future upside once the company progresses on its therapeutic pipeline.

Market Context and Strategic Outlook Tenaya’s stock remains highly volatile, with a 52‑week range from $0.36 to $2.35. The company’s focus on heart‑disease therapies positions it in a competitive biotech niche, but negative earnings and a high beta mean investors face significant risk. Insider activity, such as the recent sales by TCG III GP, LP, is one of many indicators that can influence market perception. Analysts will likely monitor whether the remaining insider holdings continue to decline or stabilize, and whether any new insider purchases emerge that could signal confidence in upcoming clinical milestones. For investors, the key takeaway is that while insider divestments add a layer of uncertainty, the overall impact will depend on Tenaya’s ability to deliver on its therapeutic agenda and to navigate a challenging funding environment.