Tenax Therapeutics (NASDAQ:TENX) Cut to In-Line at Evercore

Evercore downgraded shares of Tenax Therapeutics (NASDAQ:TENX) from an outperform rating to an in-line rating in a research report report published on Tuesday, Marketbeat Ratings reports. Evercore currently has $5.00 price target on the specialty pharmaceutical company’s stock.

TENX has been the topic of a number of other research reports. Guggenheim reissued a “buy” rating and issued a $40.00 target price (up from $34.00) on shares of Tenax Therapeutics in a research report on Monday, June 22nd. Canaccord Genuity Group assumed coverage on Tenax Therapeutics in a research report on Tuesday, July 28th. They set a “buy” rating and a $35.00 price target for the company. Chardan Capital reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Tenax Therapeutics in a research note on Friday, July 31st. Piper Sandler boosted their price objective on Tenax Therapeutics from $20.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Finally, William Blair downgraded Tenax Therapeutics from an “outperform” rating to a “market perform” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Tenax Therapeutics Price Performance

Shares of TENX opened at $1.83 on Tuesday. The firm has a 50-day simple moving average of $13.03 and a two-hundred day simple moving average of $13.10. The stock has a market cap of $68.48 million, a PE ratio of -1.24 and a beta of 0.93. Tenax Therapeutics has a 1-year low of $1.31 and a 1-year high of $19.40.

Tenax Therapeutics (NASDAQ:TENX) last issued its quarterly earnings data on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.03. As a group, sell-side analysts expect that Tenax Therapeutics will post -1.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tenax Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in Tenax Therapeutics during the 2nd quarter worth approximately $4,733,000. Perceptive Advisors LLC grew its stake in shares of Tenax Therapeutics by 229.7% in the first quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company’s stock worth $23,150,000 after acquiring an additional 1,008,640 shares in the last quarter. Avidity Partners Management LP acquired a new position in shares of Tenax Therapeutics in the first quarter worth $3,453,000. Bank of America Corp DE increased its position in shares of Tenax Therapeutics by 391.2% during the first quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company’s stock worth $297,000 after acquiring an additional 14,789 shares during the period. Finally, Stempoint Capital LP purchased a new stake in shares of Tenax Therapeutics during the first quarter worth $3,017,000. 1.67% of the stock is owned by hedge funds and other institutional investors.

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.