Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Grows By 71.9%

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a large increase in short interest during the month of June. As of June 15th, there was short interest totaling 256,462 shares, an increase of 71.9% from the May 31st total of 149,174 shares. Currently, 2.2% of the company’s stock are sold short. Based on an average daily trading volume, of 100,836 shares, the days-to-cover ratio is currently 2.5 days.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research note on Monday, April 20th. Alliance Global Partners reaffirmed a “buy” rating on shares of Tenon Medical in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold”.

Tenon Medical Price Performance

Shares of Tenon Medical stock opened at $0.29 on Friday. The stock has a market capitalization of $3.46 million, a P/E ratio of -0.23 and a beta of 1.36. The stock has a 50 day moving average price of $0.63 and a two-hundred day moving average price of $0.78. Tenon Medical has a 12-month low of $0.27 and a 12-month high of $2.48.

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). Tenon Medical had a negative net margin of 270.09% and a negative return on equity of 907.60%. The firm had revenue of $1.38 million during the quarter, compared to the consensus estimate of $1.30 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Jane Street Group LLC bought a new stake in Tenon Medical during the first quarter valued at about $29,000. Geode Capital Management LLC increased its stake in shares of Tenon Medical by 34.6% in the fourth 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 during the period. Finally, DRW Securities LLC bought a new position in shares of Tenon Medical in the fourth quarter worth about $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

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.