Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Decreases By 79.7%

Tenon Medical, Inc. (NASDAQ:TNON) saw a large decline in short interest in July. As of July 15th, there was short interest totaling 481,214 shares, a decline of 79.7% from the June 30th total of 2,375,230 shares. Based on an average daily volume of 8,357,039 shares, the days-to-cover ratio is presently 0.1 days. Currently, 4.9% of the shares of the company are short sold.

Analysts Set New Price Targets

TNON has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a report on Friday, July 17th. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Tenon Medical

A number of hedge funds have recently bought and sold shares of the business. Jane Street Group LLC bought a new stake in Tenon Medical in the first quarter valued at about $29,000. Geode Capital Management LLC boosted its stake in Tenon Medical by 34.6% during the 4th quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after purchasing an additional 17,137 shares in the last quarter. Finally, DRW Securities LLC acquired a new position in shares of Tenon Medical in the 4th quarter worth approximately $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

Tenon Medical Stock Performance

TNON stock traded down $0.01 during trading on Friday, hitting $0.19. The stock had a trading volume of 201,337 shares, compared to its average volume of 4,978,130. The stock has a market cap of $2.25 million, a price-to-earnings ratio of -0.15 and a beta of 1.36. Tenon Medical has a 1-year low of $0.18 and a 1-year high of $2.48. The company’s 50 day moving average price is $0.46 and its two-hundred day moving average price is $0.69.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.01). The company had revenue of $1.38 million for the quarter, compared to analyst estimates of $1.30 million. Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 270.09%.

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.