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

Tenon Medical, Inc. (NASDAQ:TNON) saw a significant growth in short interest in June. As of June 30th, there was short interest totaling 2,375,230 shares, a growth of 826.2% from the June 15th total of 256,462 shares. Currently, 24.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 34,584,964 shares, the short-interest ratio is currently 0.1 days.

Tenon Medical Price Performance

Shares of NASDAQ TNON traded down $0.00 during mid-day trading on Friday, hitting $0.23. 660,152 shares of the company’s stock traded hands, compared to its average volume of 21,711,790. The company’s 50-day moving average is $0.57 and its two-hundred day moving average is $0.75. The company has a market capitalization of $2.67 million, a P/E ratio of -0.17 and a beta of 1.36. Tenon Medical has a 1 year low of $0.22 and a 1 year high of $2.48.

Tenon Medical (NASDAQ:TNON) last released 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). Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 270.09%.The company had revenue of $1.38 million during the quarter, compared to analysts’ expectations of $1.30 million.

Hedge Funds Weigh In On Tenon Medical

Large investors have recently modified their holdings of the stock. DRW Securities LLC purchased a new stake in Tenon Medical during the 4th quarter valued at $98,000. Geode Capital Management LLC lifted 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 worth $63,000 after buying an additional 17,137 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in Tenon Medical during the first quarter worth $29,000. Institutional investors own 22.74% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on TNON. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a report on Monday, April 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock 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.