Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Update

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a large decrease in short interest in the month of August. As of August 14th, there was short interest totaling 8,042 shares, a decrease of 96.4% from the July 30th total of 223,450 shares. Based on an average trading volume of 112,734 shares, the short-interest ratio is currently 0.1 days. Currently, 2.9% of the shares of the company are short sold.

Hedge Funds Weigh In On Tenon Medical

Hedge funds have recently bought and sold shares of the business. DRW Securities LLC acquired a new position in shares of Tenon Medical during the 4th quarter worth approximately $98,000. Geode Capital Management LLC raised its position in shares of Tenon Medical by 34.6% in the fourth quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after buying 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 first quarter valued at approximately $29,000. 22.74% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Alliance Global Partners reiterated 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 report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tenon Medical presently has a consensus rating of “Hold”.

Tenon Medical Trading Down 10.9%

NASDAQ:TNON opened at $5.62 on Wednesday. The stock has a 50 day simple moving average of $8.91 and a 200 day simple moving average of $20.10. The stock has a market cap of $1.91 million, a P/E ratio of -0.13 and a beta of 1.39. Tenon Medical has a 1-year low of $4.38 and a 1-year high of $50.40.

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

Tenon Medical Company Profile

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.