Tenon Medical, Inc. (NASDAQ:TNON – Get Free Report) was the target of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 2,375,230 shares, an increase of 826.2% from the June 15th total of 256,462 shares. Approximately 24.4% of the shares of the company are short sold. Based on an average daily volume of 34,584,964 shares, the short-interest ratio is currently 0.1 days.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC bought a new position in shares of Tenon Medical in the first quarter worth $29,000. Geode Capital Management LLC raised its stake in shares of Tenon Medical by 34.6% during 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 in the last quarter. Finally, DRW Securities LLC acquired a new stake in Tenon Medical in the fourth quarter worth about $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on TNON shares. Weiss Ratings restated a “sell (e+)” rating on shares of Tenon Medical in a research note on Monday, April 20th. Alliance Global Partners reiterated a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Tenon Medical presently has an average rating of “Hold”.
Tenon Medical Stock Performance
NASDAQ TNON opened at $0.23 on Monday. The company has a 50-day moving average price of $0.57 and a two-hundred day moving average price of $0.75. Tenon Medical has a 52 week low of $0.22 and a 52 week high of $2.48. The stock has a market cap of $2.67 million, a price-to-earnings ratio of -0.17 and a beta of 1.36.
Tenon Medical (NASDAQ:TNON – Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.01). The business had revenue of $1.38 million for the quarter, compared to the consensus estimate of $1.30 million. Tenon Medical had a negative net margin of 270.09% and a negative return on equity of 907.60%.
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.
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