Tenax Therapeutics, Inc. (NASDAQ:TENX) Shares Shorted: Short Interest Down 40.7% in September

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

Insiders Place Their Bets

In other news, Director Declan Doogan bought 53,000 shares of Tenax Therapeutics stock in a transaction dated Wednesday, September 16th. The stock was purchased at an average price of $1.92 per share, for a total transaction of $101,760.00. Following the purchase, the director directly owned 55,274 shares in the company, valued at $106,126.08. The trade was a 2,330.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Adar1 Capital Management, Llc purchased 900,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average cost of $1.78 per share, for a total transaction of $1,602,000.00. Following the completion of the transaction, the insider directly owned 6,524,151 shares of the company’s stock, valued at $11,612,988.78. This represents a 16.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 2,760,050 shares of company stock worth $4,922,089 over the last ninety days. Insiders own 10.81% of the company’s stock.

Hedge Funds Weigh In On Tenax Therapeutics

Several hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC lifted its stake in Tenax Therapeutics by 989.3% in 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 purchasing an additional 1,648,808 shares in the last quarter. Braidwell LP bought a new position in shares of Tenax Therapeutics in the second quarter worth $8,503,000. ADAR1 Capital Management LLC raised its position in shares of Tenax Therapeutics by 235.2% in the first quarter. ADAR1 Capital Management LLC now owns 213,462 shares of the specialty pharmaceutical company’s stock worth $3,413,000 after buying an additional 149,789 shares in the last quarter. Avidity Partners Management LP bought a new stake in Tenax Therapeutics during the first quarter valued at $3,453,000. Finally, Perceptive Advisors LLC grew its position in Tenax Therapeutics by 229.7% during the first quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company’s stock worth $23,150,000 after buying an additional 1,008,640 shares in the last quarter. Hedge funds and other institutional investors own 1.67% of the company’s stock.

Tenax Therapeutics Trading Up 2.7%

Tenax Therapeutics stock opened at $1.89 on Thursday. The firm has a market capitalization of $70.72 million, a price-to-earnings ratio of -1.28 and a beta of 0.83. The firm has a 50 day simple moving average of $4.88 and a 200 day simple moving average of $10.52. Tenax Therapeutics has a 1-year low of $1.31 and a 1-year high of $19.40.

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

Analyst Ratings Changes

TENX has been the subject of a number of recent analyst reports. William Blair downgraded Tenax Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday, August 10th. UBS Group downgraded shares of Tenax Therapeutics to a “neutral” rating in a report on Monday, August 31st. Wall Street Zen cut shares of Tenax Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Canaccord Genuity Group set a $4.00 price target on shares of Tenax Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Finally, Leerink Partners set a $4.00 price objective on Tenax Therapeutics in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price 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.