Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Drops By 79.7%

Tenon Medical, Inc. (NASDAQ:TNON) saw a significant decrease in short interest in the month of July. As of July 15th, there was short interest totaling 481,214 shares, a decrease of 79.7% from the June 30th total of 2,375,230 shares. Based on an average trading volume of 8,357,039 shares, the short-interest ratio is presently 0.1 days. Approximately 4.9% of the shares of the company are short sold.

Hedge Funds Weigh In On Tenon Medical

Large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC bought a new stake in shares of Tenon Medical in the 1st quarter worth approximately $29,000. Geode Capital Management LLC grew its holdings in shares of Tenon Medical by 34.6% during 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 in the last quarter. Finally, DRW Securities LLC bought a new stake in shares of Tenon Medical during the fourth quarter valued at approximately $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

Tenon Medical Stock Down 3.0%

Tenon Medical stock traded down $0.01 during mid-day trading on Monday, reaching $0.18. The company had a trading volume of 400,660 shares, compared to its average volume of 3,604,449. The firm has a market cap of $2.18 million, a price-to-earnings ratio of -0.14 and a beta of 1.36. The company has a 50 day moving average of $0.46 and a 200-day moving average of $0.69. Tenon Medical has a 52 week low of $0.18 and a 52 week high of $2.48.

Tenon Medical (NASDAQ:TNON) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.01). Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 270.09%.The company had revenue of $1.38 million for the quarter, compared to the consensus estimate of $1.30 million.

Analyst Ratings Changes

A number of research firms have recently commented on TNON. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold”.

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.