Tenax Therapeutics, Inc. (NASDAQ:TENX) Stock Short Interest Falls 40.7%

Tenax Therapeutics, Inc. (NASDAQ:TENX) was the recipient of a large decrease in short interest in the month of September. As of September 15th, there was short interest totaling 5,503,842 shares, a decrease of 40.7% from the August 31st total of 9,276,905 shares. Approximately 16.5% of the shares of the company are sold short. Based on an average trading volume of 5,350,727 shares, the days-to-cover ratio is currently 1.0 days.

Tenax Therapeutics Trading Up 2.1%

NASDAQ TENX opened at $1.93 on Friday. The firm has a market capitalization of $72.22 million, a price-to-earnings ratio of -1.30 and a beta of 0.92. The firm’s 50 day simple moving average is $4.62 and its 200 day simple moving average is $10.43. Tenax Therapeutics has a 1 year low of $1.31 and a 1 year high of $19.40.

Tenax Therapeutics (NASDAQ:TENX) last announced its quarterly earnings data on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.03. On average, equities research analysts forecast that Tenax Therapeutics will post -1.38 earnings per share for the current year.

Insider Activity at Tenax Therapeutics

In other news, Director Declan Doogan bought 53,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were bought at an average price of $1.92 per share, with a total value of $101,760.00. Following the completion of the transaction, the director owned 55,274 shares of the company’s stock, valued at $106,126.08. This trade represents a 2,330.69% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Adar1 Capital Management, Llc bought 900,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was purchased at an average cost of $1.78 per share, for a total transaction of $1,602,000.00. Following the transaction, the insider directly owned 6,524,151 shares of the company’s stock, valued at $11,612,988.78. The trade was a 16.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 2,760,050 shares of company stock valued at $4,922,089 over the last 90 days. Company insiders own 10.81% of the company’s stock.

Hedge Funds Weigh In On Tenax Therapeutics

A number of institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC lifted its position in shares of Tenax Therapeutics by 989.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,815,474 shares of the specialty pharmaceutical company’s stock worth $29,066,000 after buying an additional 1,648,808 shares during the last quarter. Perceptive Advisors LLC boosted its stake in Tenax Therapeutics by 229.7% in the first quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company’s stock valued at $23,150,000 after buying an additional 1,008,640 shares in the last quarter. Braidwell LP bought a new position in Tenax Therapeutics in the second quarter valued at about $8,503,000. Bank of New York Mellon Corp bought a new position in Tenax Therapeutics in the second quarter valued at about $4,733,000. Finally, Avidity Partners Management LP acquired a new position in Tenax Therapeutics during the first quarter worth about $3,453,000. Institutional investors and hedge funds own 1.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TENX. Wall Street Zen downgraded Tenax Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Leerink Partners set a $4.00 target price on Tenax Therapeutics in a report on Tuesday, August 11th. Canaccord Genuity Group set a $4.00 target price on Tenax Therapeutics and gave the stock a “buy” rating in a report on Tuesday, August 11th. William Blair cut shares of Tenax Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, August 10th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Tenax Therapeutics in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Tenax Therapeutics currently has an average rating of “Hold” and an average price target of $14.00.

About Tenax Therapeutics

Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company focused on developing treatments for pulmonary hypertension and cardiovascular diseases. The company’s primary development program is centered on levosimendan, a calcium sensitizer and potassium-channel opener being evaluated for pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF).

Tenax is developing an oral formulation of levosimendan under the name TNX-103, along with other potential formulations intended for use in cardiovascular and pulmonary vascular conditions.