Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Up 71.9% in June

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totaling 256,462 shares, an increase of 71.9% from the May 31st total of 149,174 shares. Based on an average daily volume of 100,836 shares, the short-interest ratio is presently 2.5 days. Currently, 2.2% of the company’s shares are short sold.

Wall Street Analyst Weigh In

TNON has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research note on Monday, April 20th. Alliance Global Partners reaffirmed a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 13th. 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, the company has a consensus rating of “Hold”.

Tenon Medical Stock Performance

Shares of NASDAQ TNON opened at $0.29 on Friday. Tenon Medical has a 52-week low of $0.27 and a 52-week high of $2.48. The firm has a market capitalization of $3.46 million, a price-to-earnings ratio of -0.23 and a beta of 1.36. The stock has a 50 day moving average price of $0.64 and a 200 day moving average price of $0.78.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.01). The firm had revenue of $1.38 million for the quarter, compared to analysts’ expectations of $1.30 million. Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 270.09%.

Hedge Funds Weigh In On Tenon Medical

Institutional investors have recently made changes to their positions in the company. DRW Securities LLC purchased a new stake in Tenon Medical in the fourth quarter worth about $98,000. Geode Capital Management LLC increased its position in Tenon Medical by 34.6% during the 4th quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after purchasing an additional 17,137 shares during the period. Finally, Jane Street Group LLC purchased a new position in Tenon Medical during the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 22.74% of the company’s stock.

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.