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

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 130,094 shares, an increase of 1,517.7% from the August 15th total of 8,042 shares. Based on an average daily volume of 6,364,686 shares, the days-to-cover ratio is presently 0.0 days. Approximately 23.7% of the shares of the stock are short sold.

Tenon Medical Stock Up 36.7%

Shares of TNON opened at $7.24 on Friday. The stock’s fifty day simple moving average is $6.30 and its 200-day simple moving average is $18.21. The firm has a market capitalization of $4.85 million, a PE ratio of -0.17 and a beta of 1.36. Tenon Medical has a 12-month low of $2.40 and a 12-month high of $50.40.

Tenon Medical (NASDAQ:TNON) last announced 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). The firm had revenue of $1.28 million during the quarter, compared to analyst estimates of $1.54 million. Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 257.85%.

Analyst Ratings Changes

TNON has been the topic of a number of recent analyst reports. Wall Street Zen raised Tenon Medical to a “hold” rating in a research note on Saturday, August 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tenon Medical in a research report on Friday, July 17th. One 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, the stock has an average rating of “Hold”.

Insiders Place Their Bets

In other Tenon Medical news, major shareholder Financial Lp Hrt sold 7,023 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $7.32, for a total transaction of $51,408.36. Following the sale, the insider directly owned 1,730 shares of the company’s stock, valued at approximately $12,663.60. This represents a 80.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have bought 21,805 shares of company stock worth $117,211 and have sold 10,674 shares worth $67,043. Corporate insiders own 17.71% of the company’s stock.

Institutional Investors Weigh In On Tenon Medical

Several institutional investors have recently modified their holdings of TNON. DRW Securities LLC bought a new stake in shares of Tenon Medical during the fourth quarter worth approximately $98,000. Geode Capital Management LLC boosted its stake in 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 acquiring an additional 17,137 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in Tenon Medical during the 1st quarter worth $29,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

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.