Tenon Medical, Inc. (NASDAQ:TNON) Sees Significant Increase in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 2,375,230 shares, a growth of 826.2% from the June 15th total of 256,462 shares. Approximately 24.4% of the shares of the stock are sold short. Based on an average daily volume of 34,584,964 shares, the short-interest ratio is currently 0.1 days.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tenon Medical in a report on Monday, April 20th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Institutional Trading of Tenon Medical

A number of large investors have recently made changes to their positions in TNON. Jane Street Group LLC purchased a new position in Tenon Medical in the first quarter worth about $29,000. Geode Capital Management LLC increased its position in shares of 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 during the last quarter. Finally, DRW Securities LLC purchased a new stake in Tenon Medical during the 4th quarter valued at $98,000. 22.74% of the stock is currently owned by institutional investors.

Tenon Medical Stock Down 2.1%

Tenon Medical stock traded down $0.00 during midday trading on Friday, reaching $0.23. 660,152 shares of the stock traded hands, compared to its average volume of 21,680,988. The stock has a market cap of $2.67 million, a P/E ratio of -0.17 and a beta of 1.36. The stock’s fifty day moving average is $0.57 and its 200-day moving average is $0.75. Tenon Medical has a 12 month low of $0.22 and a 12 month high of $2.48.

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

Tenon Medical Company Profile

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.