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

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 64,400 shares, a drop of 50.2% from the December 31st total of 129,400 shares. Approximately 2.1% of the shares of the company are sold short. Based on an average daily trading volume, of 780,000 shares, the short-interest ratio is currently 0.1 days.

Wall Street Analysts Forecast Growth

Separately, Maxim Group decreased their target price on shares of Tenon Medical from $22.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, November 15th.

Tenon Medical Stock Performance

Shares of NASDAQ:TNON traded up $0.01 during trading on Friday, reaching $1.62. 87,788 shares of the stock were exchanged, compared to its average volume of 116,349. Tenon Medical has a 12-month low of $1.52 and a 12-month high of $15.79. The firm has a market cap of $5.09 million, a price-to-earnings ratio of -0.06 and a beta of 1.90. The firm’s 50-day moving average price is $1.96 and its 200 day moving average price is $2.34.

Hedge Funds Weigh In On Tenon Medical

A hedge fund recently raised its stake in Tenon Medical stock. Spectrum Asset Management Inc. NB CA lifted its position in shares of Tenon Medical, Inc. (NASDAQ:TNON) by 155.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,650 shares of the company’s stock after acquiring an additional 15,625 shares during the period. Spectrum Asset Management Inc. NB CA owned about 0.82% of Tenon Medical worth $48,000 at the end of the most recent reporting period. 22.74% of the stock is owned by institutional investors and hedge funds.

About Tenon Medical

Tenon Medical, Inc, a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the ilium and sacrum, as well as transfixes the SI joints.