Tenax Therapeutics (NASDAQ:TENX) Now Covered by Analysts at Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Tenax Therapeutics (NASDAQ:TENX) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $35.00 price target on the specialty pharmaceutical company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 116.18% from the company’s current price.

A number of other equities research analysts have also issued reports on TENX. Chardan Capital restated a “buy” rating and issued a $27.00 price target on shares of Tenax Therapeutics in a research report on Thursday, July 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 target price on shares of Tenax Therapeutics in a research note on Wednesday, June 24th. Guggenheim restated a “buy” rating and issued a $40.00 target price (up from $34.00) on shares of Tenax Therapeutics in a report on Monday, June 22nd. Piper Sandler raised their target price on Tenax Therapeutics from $20.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tenax Therapeutics in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Tenax Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.67.

Tenax Therapeutics Trading Up 11.4%

Shares of TENX opened at $16.19 on Tuesday. The business’s 50-day moving average price is $13.40 and its 200 day moving average price is $13.54. The stock has a market capitalization of $429.36 million, a P/E ratio of -11.56 and a beta of 0.92. Tenax Therapeutics has a 1-year low of $5.78 and a 1-year high of $19.40.

Tenax Therapeutics (NASDAQ:TENX) last posted its quarterly earnings data on Tuesday, May 12th. The specialty pharmaceutical company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.05. On average, research analysts predict that Tenax Therapeutics will post -1.48 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in Tenax Therapeutics in the 3rd quarter valued at approximately $92,000. Letko Brosseau & Associates Inc. purchased a new position in shares of Tenax Therapeutics during the 4th quarter valued at $130,000. Corient Private Wealth LLC purchased a new position in shares of Tenax Therapeutics during the 4th quarter valued at $151,000. Quadrature Capital Ltd acquired a new position in shares of Tenax Therapeutics in the fourth quarter worth $252,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of Tenax Therapeutics in the fourth quarter worth $273,000. 1.67% of the stock is owned by hedge funds and other institutional investors.

Tenax Therapeutics Company Profile

Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company developing drug delivery technologies designed to improve pain management in acute care settings. The company’s proprietary platform leverages biodegradable polymer matrices to create sustained-release formulations of local anesthetics, aiming to extend the duration of pain relief while reducing reliance on opioid medications.

Tenax’s lead development programs focus on injectable formulations intended for infiltration and peripheral nerve block applications, with the goal of providing longer-lasting analgesia following surgical and procedural interventions.