Tenon Medical, Inc. (NASDAQ:TNON) Sees Significant Decrease in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant decline in short interest in the month of July. As of July 31st, there was short interest totaling 223,450 shares, a decline of 53.6% from the July 15th total of 481,214 shares. Based on an average daily volume of 384,853 shares, the short-interest ratio is currently 0.6 days. Approximately 2.3% of the shares of the company are sold short.

Tenon Medical Stock Performance

TNON opened at $5.16 on Friday. The stock has a market cap of $1.75 million, a price-to-earnings ratio of -0.12 and a beta of 1.39. The firm’s fifty day moving average is $10.95 and its 200 day moving average is $21.31. Tenon Medical has a fifty-two week low of $4.38 and a fifty-two week high of $54.95.

Tenon Medical (NASDAQ:TNON) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($12.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($8.40) by ($3.95). The business had revenue of $1.28 million during the quarter, compared to analysts’ expectations of $1.54 million. Tenon Medical had a negative return on equity of 1,636.44% and a negative net margin of 257.85%.

Wall Street Analysts Forecast Growth

TNON has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Institutional Trading of Tenon Medical

Several institutional investors have recently made changes to their positions in the business. Jane Street Group LLC bought a new stake in Tenon Medical during the 1st quarter valued at approximately $29,000. Geode Capital Management LLC boosted 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 purchasing an additional 17,137 shares during the period. Finally, DRW Securities LLC purchased a new stake in Tenon Medical during the 4th quarter valued at approximately $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.