Tenon Medical Stock Set to Reverse Split on Monday, August 10th (NASDAQ:TNON)

Shares of Tenon Medical, Inc. (NASDAQ:TNON) are scheduled to reverse split on the morning of Monday, August 10th. The 1-35 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 9th.

Tenon Medical Trading Down 12.4%

Tenon Medical stock traded down $0.02 during midday trading on Thursday, reaching $0.17. 1,838,470 shares of the stock traded hands, compared to its average volume of 3,512,266. Tenon Medical has a fifty-two week low of $0.16 and a fifty-two week high of $1.74. The firm has a market cap of $1.99 million, a price-to-earnings ratio of -0.13 and a beta of 1.39. The firm has a fifty day moving average price of $0.38 and a two-hundred day moving average price of $0.65.

Tenon Medical (NASDAQ:TNON) last posted its earnings results on Tuesday, May 12th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.01). The firm had revenue of $1.38 million during 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%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TNON shares. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Tenon Medical currently has an average rating of “Hold”.

Hedge Funds Weigh In On Tenon Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new position in Tenon Medical during the 1st quarter worth approximately $29,000. Geode Capital Management LLC lifted its holdings 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 valued at $63,000 after purchasing an additional 17,137 shares in the last quarter. Finally, DRW Securities LLC purchased a new stake in shares of Tenon Medical in the fourth quarter valued at $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.