Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Expands By 1,517.7%

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totaling 130,094 shares, a growth of 1,517.7% from the August 15th total of 8,042 shares. Approximately 23.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 6,364,686 shares, the days-to-cover ratio is presently 0.0 days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Tenon Medical to a “hold” rating in a research report on Saturday, August 29th. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 13th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Tenon Medical in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Tenon Medical presently has a consensus rating of “Hold”.

Insider Transactions at Tenon Medical

In related news, major shareholder Financial Lp Hrt sold 7,023 shares of Tenon Medical stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $7.32, for a total value of $51,408.36. Following the sale, the insider directly owned 1,730 shares in the company, valued at approximately $12,663.60. The trade was a 80.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders bought 21,805 shares of company stock valued at $117,211 and sold 10,674 shares valued at $67,043. Insiders own 17.71% of the company’s stock.

Institutional Trading of Tenon Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in TNON. Jane Street Group LLC acquired a new position in Tenon Medical in the first quarter valued at approximately $29,000. Geode Capital Management LLC raised its position in Tenon Medical by 34.6% in the fourth 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 during the period. Finally, DRW Securities LLC purchased a new stake in Tenon Medical in the fourth quarter valued at $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

Tenon Medical Price Performance

Shares of NASDAQ:TNON traded up $2.86 during midday trading on Thursday, hitting $5.30. The company had a trading volume of 124,974,764 shares, compared to its average volume of 1,306,638. Tenon Medical has a twelve month low of $2.40 and a twelve month high of $50.40. The stock has a market cap of $3.55 million, a price-to-earnings ratio of -0.12 and a beta of 1.36. The business’s 50-day simple moving average is $6.40 and its 200-day simple moving average is $18.38.

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

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.