Tenon Medical (NASDAQ:TNON) Rating Lowered to Sell at Wall Street Zen

Tenon Medical (NASDAQ:TNON) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Tenon Medical has a consensus rating of “Hold”.

Tenon Medical Price Performance

Shares of TNON opened at $2.05 on Friday. The company has a market cap of $5.51 million, a P/E ratio of -0.05 and a beta of 1.43. The firm’s 50 day moving average price is $3.67 and its 200 day moving average price is $17.16. Tenon Medical has a fifty-two week low of $2.05 and a fifty-two week high of $45.50.

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

Insider Activity

In other Tenon Medical news, major shareholder Financial Lp Hrt sold 65,582 shares of Tenon Medical stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $5.56, for a total transaction of $364,635.92. Following the completion of the sale, the insider directly owned 15,839 shares in the company, valued at $88,064.84. The trade was a 80.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders have purchased 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.

Tenon Medical Company Profile

Tenon Medical, Inc (NASDAQ:TNON) is a medical device company focused on developing and commercializing technologies for the treatment of sacroiliac (SI) joint dysfunction. The SI joint connects the lower spine to the pelvis and can be a source of chronic lower-back and pelvic pain.

The company’s primary product is the Catamaran SIJ Fusion System, a minimally invasive surgical system designed to stabilize and fuse the SI joint through a transfixation approach. The system uses a specialized implant and delivery instruments intended to support placement across the SI joint while addressing the underlying source of instability.

Tenon Medical was founded in 2014 and is based in Los Gatos, California.