Insider Buying: Tenax Therapeutics (NASDAQ:TENX) Director Acquires 53,000 Shares

Tenax Therapeutics, Inc. (NASDAQ:TENX) Director Declan Doogan acquired 53,000 shares of the stock in a transaction dated Wednesday, September 16th. The stock was acquired at an average price of $1.92 per share, for a total transaction of $101,760.00. Following the purchase, the director directly owned 55,274 shares in the company, valued at approximately $106,126.08. This trade represents a 2,330.69% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink.

Tenax Therapeutics Trading Up 2.2%

NASDAQ TENX traded up $0.04 during trading hours on Thursday, hitting $1.86. 3,554,114 shares of the company’s stock traded hands, compared to its average volume of 5,662,953. The business’s fifty day moving average price is $7.37 and its two-hundred day moving average price is $11.19. The firm has a market capitalization of $69.60 million, a P/E ratio of -1.26 and a beta of 0.83. Tenax Therapeutics, Inc. has a 52 week low of $1.31 and a 52 week high of $19.40.

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

Hedge Funds Weigh In On Tenax Therapeutics

Large investors have recently made changes to their positions in the business. Janus Henderson Group PLC grew 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 purchasing an additional 1,648,808 shares in the last quarter. Braidwell LP purchased a new position in Tenax Therapeutics in the 2nd quarter worth approximately $8,503,000. ADAR1 Capital Management LLC boosted its stake in Tenax Therapeutics by 235.2% in the 1st quarter. ADAR1 Capital Management LLC now owns 213,462 shares of the specialty pharmaceutical company’s stock worth $3,413,000 after purchasing an additional 149,789 shares during the period. Avidity Partners Management LP bought a new position in Tenax Therapeutics in the 1st quarter worth approximately $3,453,000. Finally, Perceptive Advisors LLC grew its holdings in Tenax Therapeutics by 229.7% during 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 buying an additional 1,008,640 shares in the last quarter. 1.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Guggenheim cut Tenax Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, August 31st. Chardan Capital cut Tenax Therapeutics from a “buy” rating to a “neutral” rating and set a $5.00 price target for the company. in a research report on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tenax Therapeutics in a research note on Thursday, September 10th. Canaccord Genuity Group set a $4.00 price objective on Tenax Therapeutics and gave the company a “buy” rating in a research report on Tuesday, August 11th. Finally, Leerink Partners set a $4.00 target price on shares of Tenax Therapeutics in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.00.

About Tenax Therapeutics

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.