Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Update

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a large decline in short interest in August. As of August 14th, there was short interest totaling 8,042 shares, a decline of 96.4% from the July 30th total of 223,450 shares. Based on an average daily trading volume, of 112,734 shares, the short-interest ratio is presently 0.1 days. Approximately 2.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On Tenon Medical

Large investors have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new position in shares of Tenon Medical in the 1st quarter valued at $29,000. Geode Capital Management LLC grew its stake in shares of Tenon Medical by 34.6% during the 4th quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after buying an additional 17,137 shares during the period. Finally, DRW Securities LLC acquired a new stake in shares of Tenon Medical during the 4th quarter worth $98,000. Hedge funds and other institutional investors own 22.74% of the company’s stock.

Tenon Medical Trading Down 10.9%

TNON traded down $0.69 during midday trading on Tuesday, hitting $5.62. The company’s stock had a trading volume of 155,689 shares, compared to its average volume of 491,183. The firm has a market cap of $1.91 million, a P/E ratio of -0.13 and a beta of 1.39. The firm has a 50-day moving average price of $9.22 and a two-hundred day moving average price of $20.22. Tenon Medical has a 52-week low of $4.38 and a 52-week high of $50.40.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a research report on Wednesday, May 13th. Weiss Ratings reiterated 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 issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus 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.