Tenax Therapeutics, Inc. (NASDAQ:TENX) Short Interest Update

Tenax Therapeutics, Inc. (NASDAQ:TENX) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 9,276,905 shares, a growth of 69.5% from the August 15th total of 5,473,983 shares. Based on an average daily trading volume, of 8,254,803 shares, the days-to-cover ratio is currently 1.1 days. Currently, 27.8% of the company’s shares are short sold.

Insider Transactions at Tenax Therapeutics

In related news, major shareholder Adar1 Capital Management, Llc bought 900,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was bought at an average cost of $1.78 per share, for a total transaction of $1,602,000.00. Following the transaction, the insider 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 2,707,050 shares of company stock worth $4,820,329 in the last quarter. 10.81% of the stock is currently owned by company insiders.

Institutional Trading of Tenax Therapeutics

A number of institutional investors have recently modified their holdings of TENX. Janus Henderson Group PLC boosted its position in shares of Tenax Therapeutics by 989.3% during the first quarter. Janus Henderson Group PLC now owns 1,815,474 shares of the specialty pharmaceutical company’s stock worth $29,066,000 after buying an additional 1,648,808 shares during the period. Perceptive Advisors LLC lifted its stake in Tenax Therapeutics by 229.7% in the 1st quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company’s stock valued at $23,150,000 after acquiring an additional 1,008,640 shares in the last quarter. Braidwell LP bought a new stake in Tenax Therapeutics in the 2nd quarter valued at approximately $8,503,000. Bank of New York Mellon Corp acquired a new position in Tenax Therapeutics during the 2nd quarter worth approximately $4,733,000. Finally, Avidity Partners Management LP acquired a new position in Tenax Therapeutics during the 1st quarter worth approximately $3,453,000. 1.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TENX shares. Chardan Capital lowered shares of Tenax Therapeutics from a “buy” rating to a “neutral” rating and set a $5.00 price objective on the stock. in a research note on Tuesday, August 11th. William Blair lowered shares of Tenax Therapeutics from an “outperform” rating to a “market perform” rating in a report on Monday, August 10th. Evercore cut shares of Tenax Therapeutics from an “outperform” rating to an “in-line” rating and set a $5.00 price target on the stock. in a research report on Tuesday, August 11th. Piper Sandler boosted their price target on shares of Tenax Therapeutics from $20.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Finally, Roth Capital set a $5.00 price objective on shares of Tenax Therapeutics in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Tenax Therapeutics presently has an average rating of “Hold” and an average target price of $14.00.

Tenax Therapeutics Price Performance

TENX traded down $0.01 during trading on Wednesday, reaching $1.82. The company had a trading volume of 2,264,034 shares, compared to its average volume of 2,192,461. Tenax Therapeutics has a 12 month low of $1.31 and a 12 month high of $19.40. The business’s fifty day moving average price is $8.02 and its 200 day moving average price is $11.33. The company has a market cap of $68.10 million, a P/E ratio of -1.23 and a beta of 0.83.

Tenax Therapeutics (NASDAQ:TENX) last issued its quarterly earnings data on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.03. As a group, sell-side analysts predict that Tenax Therapeutics will post -1.38 EPS for the current fiscal year.

Tenax Therapeutics Company Profile

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.