Tenon Medical (NASDAQ:TNON) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Tenon Medical (NASDAQ:TNON) from a hold rating to a sell rating in a research report report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Tenon Medical in a research note on Thursday, October 15th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Tenon Medical presently has a consensus rating of “Hold”.

Tenon Medical Price Performance

TNON opened at $1.93 on Friday. The company’s 50-day moving average is $3.57 and its 200 day moving average is $17.00. Tenon Medical has a fifty-two week low of $1.93 and a fifty-two week high of $45.50. The firm has a market capitalization of $5.19 million, a P/E ratio of -0.04 and a beta of 1.35.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings results on Thursday, August 13th. The company reported ($12.35) earnings per share for the quarter, missing the consensus estimate of ($8.40) by ($3.95). Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 257.85%. The firm had revenue of $1.28 million for the quarter, compared to analysts’ expectations of $1.54 million.

Insider Activity

In other news, major shareholder Financial Lp Hrt sold 65,582 shares of Tenon Medical stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $5.56, for a total transaction of $364,635.92. Following the sale, the insider directly owned 15,839 shares in the company, valued at $88,064.84. The trade was a 80.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders acquired 129,945 shares of company stock worth $500,468 and sold 136,599 shares worth $605,467. 17.71% of the stock is currently owned by corporate insiders.

Tenon Medical Company Profile

Tenon Medical, Inc (NASDAQ:TNON) is a medical device company focused on developing and commercializing technologies for the treatment of sacroiliac (SI) joint dysfunction. The SI joint connects the lower spine to the pelvis and can be a source of chronic lower-back and pelvic pain.

The company’s primary product is the Catamaran SIJ Fusion System, a minimally invasive surgical system designed to stabilize and fuse the SI joint through a transfixation approach. The system uses a specialized implant and delivery instruments intended to support placement across the SI joint while addressing the underlying source of instability.

Tenon Medical was founded in 2014 and is based in Los Gatos, California.