Tenon Medical Stock Set to Reverse Split on Monday, August 10th (NASDAQ:TNON)

Tenon Medical, Inc. (NASDAQ:TNON) shares are scheduled to reverse split on Monday, August 10th. The 1-35 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 9th.

Tenon Medical Stock Down 12.4%

TNON stock traded down $0.02 during midday trading on Thursday, reaching $0.17. 1,838,470 shares of the company’s stock traded hands, compared to its average volume of 1,049,591. The company has a market cap of $1.99 million, a price-to-earnings ratio of -0.13 and a beta of 1.39. The firm’s fifty day moving average price is $0.37 and its 200-day moving average price is $0.64. Tenon Medical has a 52 week low of $0.16 and a 52 week high of $1.74.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.01). The business had revenue of $1.38 million for the quarter, compared to analyst estimates of $1.30 million. Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 270.09%.

Analyst Ratings Changes

A number of analysts have commented on the company. Alliance Global Partners reissued 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 research report on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Tenon Medical currently has an average rating of “Hold”.

Institutional Investors Weigh In On Tenon Medical

A number of institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in Tenon Medical in the 1st quarter valued at about $29,000. Geode Capital Management LLC boosted its stake in shares of Tenon Medical by 34.6% in 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 bought a new position in shares of Tenon Medical in the fourth quarter valued at approximately $98,000. 22.74% of the stock is owned by institutional investors.

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.