Tenon Medical, Inc. (NASDAQ:TNON) Sees Large Decline in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totaling 60,789 shares, a decrease of 88.7% from the September 15th total of 539,306 shares. Approximately 11.1% of the shares of the company are short sold. Based on an average daily trading volume, of 5,515,981 shares, the short-interest ratio is presently 0.0 days.

Insider Activity

In related news, major shareholder Financial Lp Hrt sold 65,582 shares of the firm’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $5.56, for a total value of $364,635.92. Following the transaction, the insider directly owned 15,839 shares in the company, valued at approximately $88,064.84. This trade represents a 80.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders have acquired 129,945 shares of company stock worth $500,468 and have sold 136,599 shares worth $605,467. Corporate insiders own 17.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TNON. Wall Street Zen raised Tenon Medical to a “hold” rating in a research report on Saturday, August 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a research report on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Tenon Medical currently has an average rating of “Hold”.

Tenon Medical Stock Down 0.9%

Tenon Medical stock opened at $3.41 on Friday. The business has a 50 day moving average price of $4.77 and a two-hundred day moving average price of $14.66. Tenon Medical has a 12 month low of $2.40 and a 12 month high of $50.40. The stock has a market cap of $2.27 million, a price-to-earnings ratio of -0.08 and a beta of 1.35.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings data on Thursday, August 13th. The company reported ($12.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($8.40) by ($3.95). The firm had revenue of $1.28 million for the quarter, compared to the consensus estimate of $1.54 million. Tenon Medical had a negative net margin of 257.85% and a negative return on equity of 907.60%.

About Tenon Medical

Tenon Medical, Inc is a medical device company focused on developing and commercializing technologies for sacroiliac (SI) joint dysfunction, a source of lower-back and pelvic pain. The company’s lead product is the Catamaran SI Joint Fusion System, a minimally invasive implant system designed to stabilize and fuse the SI joint.

The Catamaran system is designed to transfix the SI joint through a single surgical approach and uses a proprietary implant intended to provide fixation across the joint.