Tenon Medical (NASDAQ:TNON) Major Shareholder Acquires 18,357 Shares of Stock

Tenon Medical, Inc. (NASDAQ:TNON) major shareholder Financial Lp Hrt bought 18,357 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was purchased at an average price of $5.58 per share, for a total transaction of $102,432.06. Following the completion of the acquisition, the insider owned 1,730 shares in the company, valued at $9,653.40. This represents a -110.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Financial Lp Hrt also recently made the following trade(s):

• On Monday, August 31st, Financial Lp Hrt sold 1,276 shares of Tenon Medical stock. The shares were sold at an average price of $4.66, for a total transaction of $5,946.16.
• On Friday, August 28th, Financial Lp Hrt sold 7,023 shares of Tenon Medical stock. The shares were sold at an average price of $7.32, for a total transaction of $51,408.36.
• On Thursday, August 27th, Financial Lp Hrt sold 419 shares of Tenon Medical stock. The stock was sold at an average price of $4.96, for a total transaction of $2,078.24.

Tenon Medical Stock Performance

Shares of Tenon Medical stock traded down $0.01 during trading hours on Tuesday, reaching $4.52. The company’s stock had a trading volume of 118,752 shares, compared to its average volume of 526,803. The company has a market capitalization of $3.03 million, a P/E ratio of -0.10 and a beta of 1.40. The stock’s fifty day simple moving average is $7.95 and its two-hundred day simple moving average is $19.51. Tenon Medical, Inc. has a one year low of $4.38 and a one year high of $50.40.

Tenon Medical (NASDAQ:TNON) last posted its earnings results on Thursday, August 13th. The company reported ($12.35) EPS 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 business had revenue of $1.28 million for the quarter, compared to the consensus estimate of $1.54 million.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TNON shares. Wall Street Zen raised Tenon Medical to a “hold” rating in a research note on Saturday. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. Finally, 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 stock. According to MarketBeat.com, the stock has an average rating of “Hold”.

Institutional Trading of Tenon Medical

Several institutional investors and hedge funds have recently made changes to their positions in TNON. Jane Street Group LLC bought a new position in shares of Tenon Medical during the first quarter valued at about $29,000. Geode Capital Management LLC grew its position in 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 purchasing an additional 17,137 shares in the last quarter. Finally, DRW Securities LLC bought a new stake in Tenon Medical in the 4th quarter worth about $98,000. Hedge funds and other institutional investors own 22.74% of the company’s stock.

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.