Tenax Therapeutics (NASDAQ:TENX) Hits New 12-Month High – Here’s What Happened

Tenax Therapeutics, Inc. (NASDAQ:TENX)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $18.80 and last traded at $19.0840, with a volume of 220809 shares traded. The stock had previously closed at $17.73.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TENX shares. Lifesci Capital upgraded Tenax Therapeutics to a “strong-buy” rating in a report on Thursday, March 12th. Guggenheim restated a “buy” rating and set a $40.00 target price (up from $34.00) on shares of Tenax Therapeutics in a report on Monday, June 22nd. Chardan Capital reaffirmed a “buy” rating and issued a $27.00 price target on shares of Tenax Therapeutics in a research note on Thursday, July 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tenax Therapeutics in a research note on Tuesday, June 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Tenax Therapeutics in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.00.

Tenax Therapeutics Stock Up 4.0%

The company’s fifty day moving average is $12.49 and its 200 day moving average is $13.23. The firm has a market cap of $489.06 million, a price-to-earnings ratio of -13.24 and a beta of 0.92.

Tenax Therapeutics (NASDAQ:TENX) last issued its quarterly earnings results on Tuesday, May 12th. The specialty pharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.05. On average, equities research analysts forecast that Tenax Therapeutics, Inc. will post -1.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Tenax Therapeutics

Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC acquired a new stake in shares of Tenax Therapeutics in the third quarter valued at about $92,000. Letko Brosseau & Associates Inc. acquired a new position in Tenax Therapeutics during the fourth quarter valued at approximately $130,000. Corient Private Wealth LLC bought a new position in Tenax Therapeutics in the fourth quarter valued at approximately $151,000. Quadrature Capital Ltd bought a new position in Tenax Therapeutics in the fourth quarter valued at approximately $252,000. Finally, Goldman Sachs Group Inc. bought a new position in Tenax Therapeutics in the fourth quarter valued at approximately $273,000. Institutional investors own 1.67% of the company’s stock.

About Tenax Therapeutics

Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company developing drug delivery technologies designed to improve pain management in acute care settings. The company’s proprietary platform leverages biodegradable polymer matrices to create sustained-release formulations of local anesthetics, aiming to extend the duration of pain relief while reducing reliance on opioid medications.

Tenax’s lead development programs focus on injectable formulations intended for infiltration and peripheral nerve block applications, with the goal of providing longer-lasting analgesia following surgical and procedural interventions.