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

Tenon Medical, Inc. (NASDAQ:TNON) saw a significant decrease in short interest during the month of July. As of July 15th, there was short interest totaling 481,214 shares, a decrease of 79.7% from the June 30th total of 2,375,230 shares. Currently, 4.9% of the company’s shares are sold short. Based on an average trading volume of 8,357,039 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Investors Weigh In On Tenon Medical

Several hedge funds and other institutional investors have recently bought and sold shares of TNON. DRW Securities LLC acquired a new position in shares of Tenon Medical in the 4th quarter worth approximately $98,000. Geode Capital Management LLC lifted its stake in 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 during the last quarter. Finally, Jane Street Group LLC acquired a new stake in Tenon Medical during the first quarter valued at approximately $29,000. 22.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TNON has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a research report on Wednesday, May 13th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Tenon Medical presently has a consensus rating of “Hold”.

Tenon Medical Trading Down 3.7%

NASDAQ:TNON opened at $0.19 on Friday. The firm’s fifty day simple moving average is $0.46 and its 200 day simple moving average is $0.69. Tenon Medical has a twelve month low of $0.18 and a twelve month high of $2.48. The firm has a market capitalization of $2.25 million, a price-to-earnings ratio of -0.15 and a beta of 1.36.

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

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.