Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Down 53.6% in July

Tenon Medical, Inc. (NASDAQ:TNON) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 223,450 shares, a decrease of 53.6% from the July 15th total of 481,214 shares. Based on an average daily volume of 384,853 shares, the days-to-cover ratio is currently 0.6 days. Approximately 2.3% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Tenon Medical in a report on Friday, July 17th. Alliance Global Partners reiterated a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Tenon Medical currently has a consensus rating of “Hold”.

Tenon Medical Price Performance

Shares of NASDAQ TNON traded down $0.12 during trading hours on Monday, hitting $5.04. 25,302 shares of the stock were exchanged, compared to its average volume of 100,863. Tenon Medical has a one year low of $4.38 and a one year high of $54.95. The company’s 50 day moving average is $10.95 and its 200 day moving average is $21.23. The firm has a market capitalization of $1.71 million, a P/E ratio of -0.11 and a beta of 1.40.

Tenon Medical (NASDAQ:TNON) last announced its earnings results on Thursday, August 13th. The company reported ($12.35) EPS for the quarter, missing the consensus estimate of ($8.40) by ($3.95). Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 257.85%.The firm had revenue of $1.28 million during the quarter, compared to the consensus estimate of $1.54 million.

Hedge Funds Weigh In On Tenon Medical

Institutional investors have recently made changes to their positions in the business. DRW Securities LLC bought a new stake in Tenon Medical in the 4th quarter valued at $98,000. Geode Capital Management LLC grew its position in Tenon Medical by 34.6% in the 4th quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock worth $63,000 after purchasing an additional 17,137 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Tenon Medical during the 1st quarter worth about $29,000. 22.74% of the stock is currently owned by institutional investors.

About Tenon Medical

Tenon Medical, Inc is a development-stage medical device company focused on the research, development and commercialization of next-generation surgical biologic adhesives and sealants. The company’s proprietary platform is designed to create tissue-compatible adhesives that can serve as alternatives or complements to traditional sutures and staples, with the goal of improving surgical efficiency, reducing postoperative complications and enhancing patient outcomes.

Tenon Medical’s product pipeline centers on protein-based polymer formulations that cross-link in situ to form a flexible, yet durable, bond with native tissue.