Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Down 53.6% in July

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a significant decline in short interest during the month of July. As of July 31st, there was short interest totaling 223,450 shares, a decline of 53.6% from the July 15th total of 481,214 shares. Approximately 2.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 384,853 shares, the days-to-cover ratio is currently 0.6 days.

Tenon Medical Trading Down 13.4%

NASDAQ:TNON traded down $0.80 during mid-day trading on Friday, hitting $5.16. 34,054 shares of the company’s stock were exchanged, compared to its average volume of 62,164. Tenon Medical has a fifty-two week low of $4.38 and a fifty-two week high of $54.95. The firm has a market capitalization of $1.75 million, a P/E ratio of -0.12 and a beta of 1.39. The company has a 50 day simple moving average of $10.95 and a 200-day simple moving average of $21.31.

Tenon Medical (NASDAQ:TNON) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($12.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($8.40) by ($3.95). The business had revenue of $1.28 million during the quarter, compared to analyst estimates of $1.54 million. Tenon Medical had a negative net margin of 257.85% and a negative return on equity of 1,636.44%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. DRW Securities LLC bought a new stake in shares of Tenon Medical in the 4th quarter valued at about $98,000. Geode Capital Management LLC raised its position in shares of Tenon Medical by 34.6% during the fourth quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock worth $63,000 after acquiring an additional 17,137 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Tenon Medical during the first quarter worth about $29,000. 22.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on TNON. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. Weiss Ratings restated 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

About Tenon Medical

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.