Tenax Therapeutics (NASDAQ:TENX) Major Shareholder Adar1 Capital Management, Llc Buys 254,342 Shares of Company Stock

Tenax Therapeutics, Inc. (NASDAQ:TENX) major shareholder Adar1 Capital Management, Llc bought 254,342 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The stock was purchased at an average cost of $1.60 per share, for a total transaction of $406,947.20. Following the transaction, the insider directly owned 7,115,021 shares of the company’s stock, valued at $11,384,033.60. The trade was a 3.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Wednesday, October 21st, Adar1 Capital Management, Llc purchased 331,979 shares of Tenax Therapeutics stock. The shares were purchased at an average cost of $1.66 per share, with a total value of $551,085.14.
• On Monday, October 19th, Adar1 Capital Management, Llc acquired 336,528 shares of Tenax Therapeutics stock. The stock was purchased at an average cost of $1.51 per share, for a total transaction of $508,157.28.
• On Thursday, September 3rd, Adar1 Capital Management, Llc acquired 900,000 shares of Tenax Therapeutics stock. The shares were purchased at an average price of $1.78 per share, for a total transaction of $1,602,000.00.
• On Wednesday, September 2nd, Adar1 Capital Management, Llc acquired 187,704 shares of Tenax Therapeutics stock. The shares were purchased at an average price of $1.80 per share, for a total transaction of $337,867.20.
• On Tuesday, September 1st, Adar1 Capital Management, Llc bought 179,058 shares of Tenax Therapeutics stock. The stock was acquired at an average cost of $1.80 per share, with a total value of $322,304.40.
• On Monday, August 31st, Adar1 Capital Management, Llc purchased 403,571 shares of Tenax Therapeutics stock. The stock was acquired at an average price of $1.79 per share, for a total transaction of $722,392.09.
• On Monday, August 24th, Adar1 Capital Management, Llc acquired 107,374 shares of Tenax Therapeutics stock. The stock was acquired at an average price of $1.75 per share, with a total value of $187,904.50.
• On Friday, August 21st, Adar1 Capital Management, Llc bought 716,369 shares of Tenax Therapeutics stock. The shares were acquired at an average price of $1.77 per share, for a total transaction of $1,267,973.13.
• On Thursday, August 20th, Adar1 Capital Management, Llc acquired 202,124 shares of Tenax Therapeutics stock. The shares were bought at an average price of $1.78 per share, for a total transaction of $359,780.72.

Tenax Therapeutics Price Performance

TENX stock remained flat at $1.63 during midday trading on Wednesday. The company had a trading volume of 1,889,406 shares, compared to its average volume of 2,241,564. The stock has a market capitalization of $60.99 million, a P/E ratio of -1.10 and a beta of 0.92. The company’s fifty day simple moving average is $1.85 and its 200 day simple moving average is $9.25. Tenax Therapeutics, Inc. has a fifty-two week low of $1.31 and a fifty-two week high of $19.40.

Tenax Therapeutics (NASDAQ:TENX) last issued its quarterly earnings results on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.03. Research analysts anticipate that Tenax Therapeutics, Inc. will post -1.38 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TENX. Wall Street Zen downgraded Tenax Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Canaccord Genuity Group set a $4.00 target price on shares of Tenax Therapeutics and gave the stock a “buy” rating in a report on Tuesday, August 11th. Roth Capital set a $5.00 target price on shares of Tenax Therapeutics in a report on Monday, August 10th. UBS Group cut shares of Tenax Therapeutics to a “neutral” rating in a research report on Monday, August 31st. Finally, William Blair downgraded shares of Tenax Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TENX. Bank of America Corp DE boosted its stake in shares of Tenax Therapeutics by 391.2% in the 1st quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company’s stock valued at $297,000 after purchasing an additional 14,789 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Tenax Therapeutics during the first quarter worth $501,000. Squarepoint Ops LLC bought a new position in Tenax Therapeutics during the second quarter worth $485,000. State of Alaska Department of Revenue bought a new position in Tenax Therapeutics during the third quarter worth $94,000. Finally, Dimensional Fund Advisors LP acquired a new position in Tenax Therapeutics in the first quarter valued at $1,001,000. Institutional investors and hedge funds own 1.67% of the company’s stock.

About Tenax Therapeutics

Tenax Therapeutics, Inc is a specialty pharmaceutical company focused on developing treatments for cardiovascular and pulmonary diseases with significant unmet medical needs. The company’s research and development activities are centered on therapies intended to improve outcomes for patients with conditions affecting the heart and lungs.

Tenax’s primary product candidate is an oral formulation of levosimendan, a drug designed to enhance cardiac contractility and produce vasodilatory effects.