Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Update

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant decrease in short interest in the month of August. As of August 14th, there was short interest totaling 8,042 shares, a decrease of 96.4% from the July 30th total of 223,450 shares. Based on an average daily trading volume, of 112,734 shares, the short-interest ratio is presently 0.1 days. Currently, 2.9% of the shares of the company are sold short.

Institutional Investors Weigh In On Tenon Medical

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC purchased a new position in shares of Tenon Medical in the 1st quarter valued at about $29,000. Geode Capital Management LLC increased its stake in Tenon Medical by 34.6% in the 4th quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after purchasing an additional 17,137 shares in the last quarter. Finally, DRW Securities LLC acquired a new position in Tenon Medical during the fourth quarter worth $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on TNON. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Tenon Medical presently has a consensus rating of “Hold”.

Tenon Medical Stock Performance

NASDAQ:TNON traded down $0.69 during mid-day trading on Tuesday, reaching $5.62. The stock had a trading volume of 155,689 shares, compared to its average volume of 491,183. Tenon Medical has a twelve month low of $4.38 and a twelve month high of $50.40. The business has a 50 day simple moving average of $9.22 and a 200 day simple moving average of $20.22. The firm has a market capitalization of $1.91 million, a price-to-earnings ratio of -0.13 and a beta of 1.39.

Tenon Medical (NASDAQ:TNON) last issued its earnings results on Thursday, August 13th. The company reported ($12.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.28 million for the quarter, compared to analysts’ expectations of $1.54 million.

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.