Is TNYA or TRAX more undervalued in 2026?

CirclFi compares Tenaya Therapeutics, Inc. (TNYA) and First Tracks Biotherapeutics, I (TRAX) using 13 institutional-grade valuation models. TNYA has a Quality of Company score of 4.1/10 while TRAX scores 1.7/10.

Which is a better buy — TNYA or TRAX?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do TNYA and TRAX valuations compare?

TNYA at $0.80 and TRAX at $15.82 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

TNYA vs TRAX Valuation Comparison 2026 — Intrinsic Value Analysis

TNYA

Biotechnology

Tenaya Therapeutics, Inc.

Quality

4.1

out of 10

Value Trap

LOW

Price

$0.80

Last close

Models

8/13

Active

TRAX

Biotechnology

First Tracks Biotherapeutics, I

Quality

1.7

out of 10

Value Trap

—

Price

$15.82

Last close

Models

7/13

Active

Model-by-Model Comparison

Model	Type	TNYA Fair Value	TNYA Upside	TRAX Fair Value	TRAX Upside
Bayesian DCF	Intrinsic	$0.40	-50.0%	$4.19	-73.5%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$0.79	-1.2%	$3.69	-77.1%
PWERM	Option-Based	$0.83	+4.0%	$7.49	-53.6%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%

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TNYA vs TRAX — Which Stock Is More Undervalued?

TNYA scores higher with a 4.1/10 quality rating vs TRAX's 1.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Tenaya Therapeutics, Inc. (TNYA) and First Tracks Biotherapeutics, I (TRAX) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

TNYA currently trades at $0.80 with a QOC of 4.1/10, while TRAX trades at $15.82 with a QOC of 1.7/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).