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

Tenax Therapeutics, Inc. (NASDAQ:TENX) was the recipient of a significant drop in short interest during the month of September. As of September 15th, there was short interest totaling 5,503,842 shares, a drop of 40.7% from the August 31st total of 9,276,905 shares. Approximately 16.5% of the company’s stock are sold short. Based on an average daily volume of 5,350,727 shares, the short-interest ratio is currently 1.0 days.

Tenax Therapeutics Price Performance

Shares of NASDAQ:TENX opened at $1.81 on Wednesday. Tenax Therapeutics has a fifty-two week low of $1.31 and a fifty-two week high of $19.40. The business has a 50-day moving average of $5.14 and a two-hundred day moving average of $10.60. The stock has a market capitalization of $67.58 million, a P/E ratio of -1.23 and a beta of 0.83.

Tenax Therapeutics (NASDAQ:TENX) last released its quarterly earnings results 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, research analysts expect that Tenax Therapeutics will post -1.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Adar1 Capital Management, Llc bought 900,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were bought at an average cost of $1.78 per share, with a total value of $1,602,000.00. Following the transaction, the insider directly owned 6,524,151 shares in the company, valued at approximately $11,612,988.78. This trade represents a 16.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Declan Doogan purchased 53,000 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were purchased at an average cost of $1.92 per share, with a total value of $101,760.00. Following the completion of the purchase, the director directly owned 55,274 shares in the company, valued at approximately $106,126.08. This represents a 2,330.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 2,760,050 shares of company stock valued at $4,922,089. Insiders own 10.81% of the company’s stock.

Institutional Investors Weigh In On Tenax Therapeutics

A number of large investors have recently added to or reduced their stakes in TENX. Janus Henderson Group PLC boosted its position in 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 during the period. Perceptive Advisors LLC raised its position in shares of Tenax Therapeutics by 229.7% in the first quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company’s stock valued at $23,150,000 after purchasing an additional 1,008,640 shares during the period. Braidwell LP bought a new position in shares of Tenax Therapeutics in the second quarter valued at approximately $8,503,000. Bank of New York Mellon Corp acquired a new stake in shares of Tenax Therapeutics in the second quarter worth $4,733,000. Finally, Avidity Partners Management LP acquired a new stake in shares of Tenax Therapeutics in the first quarter worth $3,453,000. Institutional investors own 1.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Evercore downgraded Tenax Therapeutics from an “outperform” rating to an “in-line” rating and set a $5.00 price objective on the stock. in a report on Tuesday, August 11th. William Blair cut shares of Tenax Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday, August 10th. Chardan Capital cut shares of Tenax Therapeutics from a “buy” rating to a “neutral” rating and set a $5.00 target price for the company. in a research note on Tuesday, August 11th. Guggenheim downgraded shares of Tenax Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday, August 31st. Finally, UBS Group lowered shares of Tenax Therapeutics to a “neutral” rating in a research note on Monday, August 31st. One investment 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 issued a Sell rating to the company’s stock. According to MarketBeat, Tenax Therapeutics currently has an average rating of “Hold” and a consensus 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.