Tenon Medical, Inc. (NASDAQ:TNON) Sees Large Decline in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totaling 60,789 shares, a decrease of 88.7% from the September 15th total of 539,306 shares. Based on an average trading volume of 5,515,981 shares, the days-to-cover ratio is currently 0.0 days. Approximately 11.1% of the shares of the stock are short sold.

Insiders Place Their Bets

In other Tenon Medical news, major shareholder Financial Lp Hrt purchased 67,925 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was acquired at an average cost of $3.63 per share, with a total value of $246,567.75. Following the completion of the purchase, the insider directly owned 15,839 shares in the company, valued at approximately $57,495.57. This represents a -130.41% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have purchased 129,945 shares of company stock valued at $500,468 and have sold 136,599 shares valued at $605,467. 17.71% of the stock is owned by company insiders.

Tenon Medical Price Performance

Tenon Medical stock opened at $3.41 on Friday. The stock’s fifty day moving average price is $4.77 and its two-hundred day moving average price is $14.66. The firm has a market cap of $2.27 million, a PE ratio of -0.08 and a beta of 1.35. Tenon Medical has a one year low of $2.40 and a one year high of $50.40.

Tenon Medical (NASDAQ:TNON) last announced its quarterly earnings data 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 firm had revenue of $1.28 million during the quarter, compared to the consensus estimate of $1.54 million. Tenon Medical had a negative net margin of 257.85% and a negative return on equity of 907.60%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wall Street Zen raised Tenon Medical to a “hold” rating in a research report on Saturday, August 29th. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.

About Tenon Medical

Tenon Medical, Inc is a medical device company focused on developing and commercializing technologies for sacroiliac (SI) joint dysfunction, a source of lower-back and pelvic pain. The company’s lead product is the Catamaran SI Joint Fusion System, a minimally invasive implant system designed to stabilize and fuse the SI joint.

The Catamaran system is designed to transfix the SI joint through a single surgical approach and uses a proprietary implant intended to provide fixation across the joint.