Insider Buying: Tenon Medical (NASDAQ:TNON) Major Shareholder Buys 18,357 Shares of Stock

Tenon Medical, Inc. (NASDAQ:TNON) major shareholder Financial Lp Hrt purchased 18,357 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was purchased at an average price of $5.58 per share, for a total transaction of $102,432.06. Following the transaction, the insider directly owned 1,730 shares in the company, valued at approximately $9,653.40. This trade represents a -110.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Financial Lp Hrt also recently made the following trade(s):

• On Monday, August 31st, Financial Lp Hrt sold 1,276 shares of Tenon Medical stock. The shares were sold at an average price of $4.66, for a total transaction of $5,946.16.
• On Friday, August 28th, Financial Lp Hrt sold 7,023 shares of Tenon Medical stock. The stock was sold at an average price of $7.32, for a total transaction of $51,408.36.
• On Thursday, August 27th, Financial Lp Hrt sold 419 shares of Tenon Medical stock. The stock was sold at an average price of $4.96, for a total transaction of $2,078.24.

Tenon Medical Trading Down 0.2%

TNON stock traded down $0.01 during midday trading on Tuesday, hitting $4.52. The stock had a trading volume of 118,752 shares, compared to its average volume of 526,803. The firm has a market cap of $3.03 million, a P/E ratio of -0.10 and a beta of 1.40. Tenon Medical, Inc. has a 1-year low of $4.38 and a 1-year high of $50.40. The business has a fifty day moving average price of $7.95 and a two-hundred day moving average price of $19.51.

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

Hedge Funds Weigh In On Tenon Medical

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. DRW Securities LLC bought a new stake in Tenon Medical in the 4th quarter valued at about $98,000. Geode Capital Management LLC boosted its holdings in Tenon Medical by 34.6% in the fourth quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock worth $63,000 after acquiring an additional 17,137 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Tenon Medical in the first quarter worth approximately $29,000. Institutional investors own 22.74% of the company’s stock.

Wall Street Analyst Weigh In

TNON has been the subject of several recent analyst reports. Wall Street Zen raised Tenon Medical to a “hold” rating in a research note on Saturday. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. Finally, Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tenon Medical presently has an average rating of “Hold”.

Tenon Medical Company Profile

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.