Tenax Therapeutics (NASDAQ:TENX) Issues Earnings Results, Beats Expectations By $0.03 EPS

Tenax Therapeutics (NASDAQ:TENX) posted its earnings results on Friday. The specialty pharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.03, FiscalAI reports.

Tenax Therapeutics Stock Down 9.3%

Shares of NASDAQ TENX traded down $1.40 during midday trading on Friday, reaching $13.70. 1,776,932 shares of the stock were exchanged, compared to its average volume of 1,271,806. The firm has a market cap of $363.39 million, a price-to-earnings ratio of -9.79 and a beta of 0.92. The firm has a 50-day simple moving average of $13.63 and a two-hundred day simple moving average of $13.59. Tenax Therapeutics has a twelve month low of $5.78 and a twelve month high of $19.40.

Institutional Investors Weigh In On Tenax Therapeutics

A number of institutional investors have recently modified their holdings of TENX. ADAR1 Capital Management LLC boosted its position in Tenax Therapeutics by 19.2% during the fourth quarter. ADAR1 Capital Management LLC now owns 63,673 shares of the specialty pharmaceutical company’s stock worth $776,000 after purchasing an additional 10,245 shares in the last quarter. Letko Brosseau & Associates Inc. acquired a new position in shares of Tenax Therapeutics during the 4th quarter worth approximately $130,000. Virtu Financial LLC acquired a new position in shares of Tenax Therapeutics during the 3rd quarter worth approximately $92,000. Corient Private Wealth LLC purchased a new position in shares of Tenax Therapeutics during the 4th quarter valued at approximately $151,000. Finally, Bank of America Corp DE lifted its position in shares of Tenax Therapeutics by 391.2% during the 1st quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company’s stock valued at $297,000 after buying an additional 14,789 shares in the last quarter. 1.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TENX has been the topic of several recent analyst reports. Canaccord Genuity Group started coverage on Tenax Therapeutics in a research report on Tuesday. They set a “buy” rating and a $35.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 price target on shares of Tenax Therapeutics in a report on Wednesday. Guggenheim restated a “buy” rating and set a $40.00 price target (up from $34.00) on shares of Tenax Therapeutics in a research note on Monday, June 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Tenax Therapeutics in a report on Tuesday, June 30th. Finally, Piper Sandler lifted their target price on shares of Tenax Therapeutics from $20.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.67.

About Tenax Therapeutics

Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company developing drug delivery technologies designed to improve pain management in acute care settings. The company’s proprietary platform leverages biodegradable polymer matrices to create sustained-release formulations of local anesthetics, aiming to extend the duration of pain relief while reducing reliance on opioid medications.

Tenax’s lead development programs focus on injectable formulations intended for infiltration and peripheral nerve block applications, with the goal of providing longer-lasting analgesia following surgical and procedural interventions.