Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Down 53.6% in July

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

Tenon Medical Stock Performance

Shares of TNON stock traded down $0.80 during mid-day trading on Friday, hitting $5.16. The company’s stock had a trading volume of 34,054 shares, compared to its average volume of 62,164. The company has a market cap of $1.75 million, a PE ratio of -0.12 and a beta of 1.39. The company’s fifty day simple moving average is $10.95 and its 200-day simple moving average is $21.31. Tenon Medical has a 52 week low of $4.38 and a 52 week high of $54.95.

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

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold”.

Hedge Funds Weigh In On Tenon Medical

Several institutional investors have recently added to or reduced their stakes in the business. DRW Securities LLC bought a new position in shares of Tenon Medical during the 4th quarter worth approximately $98,000. Geode Capital Management LLC increased its stake in shares of Tenon Medical by 34.6% in the 4th quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after acquiring an additional 17,137 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Tenon Medical in the 1st quarter valued at $29,000. 22.74% of the stock is owned by institutional investors and hedge funds.

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.