Tenon Medical, Inc. (NASDAQ:TNON) Sees Large Decline in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant decline in short interest during the month of July. As of July 15th, there was short interest totaling 481,214 shares, a decline of 79.7% from the June 30th total of 2,375,230 shares. Approximately 4.9% of the company’s shares are short sold. Based on an average daily trading volume, of 8,357,039 shares, the short-interest ratio is currently 0.1 days.

Tenon Medical Trading Down 3.7%

NASDAQ TNON opened at $0.19 on Friday. The business’s 50-day moving average price is $0.46 and its 200 day moving average price is $0.69. Tenon Medical has a twelve month low of $0.18 and a twelve month high of $2.48. The company has a market capitalization of $2.25 million, a PE ratio of -0.15 and a beta of 1.36.

Tenon Medical (NASDAQ:TNON) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.01). The business had revenue of $1.38 million during the quarter, compared to analysts’ expectations of $1.30 million. Tenon Medical had a negative net margin of 270.09% and a negative return on equity of 907.60%.

Hedge Funds Weigh In On Tenon Medical

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. Alliance Global Partners reaffirmed a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold”.

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.