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

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 2,375,230 shares, an increase of 826.2% from the June 15th total of 256,462 shares. Based on an average trading volume of 34,584,964 shares, the days-to-cover ratio is currently 0.1 days. Approximately 24.4% of the company’s shares are short sold.

Institutional Investors Weigh In On Tenon Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DRW Securities LLC bought a new stake in Tenon Medical during the 4th quarter valued at about $98,000. Geode Capital Management LLC grew its stake 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 acquiring an additional 17,137 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Tenon Medical during the first quarter worth approximately $29,000. Institutional investors own 22.74% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Tenon Medical Stock Performance

Tenon Medical stock traded down $0.00 during mid-day trading on Friday, hitting $0.23. The company’s stock had a trading volume of 660,152 shares, compared to its average volume of 21,680,988. The company has a 50 day moving average of $0.57 and a 200-day moving average of $0.75. The stock has a market cap of $2.67 million, a PE ratio of -0.17 and a beta of 1.36. Tenon Medical has a one year low of $0.22 and a one year high of $2.48.

Tenon Medical (NASDAQ:TNON) last released its earnings results on Tuesday, May 12th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.01). The business 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.