Tenon Medical (NASDAQ:TNON) Stock Price Up 2.8% – Here’s What Happened

Tenon Medical, Inc. (NASDAQ:TNON)’s share price traded up 2.8% on Friday . The stock traded as high as $1.10 and last traded at $1.10. 78,803 shares were traded during trading, a decline of 1% from the average session volume of 79,828 shares. The stock had previously closed at $1.07.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TNON shares. Wall Street Zen downgraded Tenon Medical from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tenon Medical in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Tenon Medical currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Tenon Medical Price Performance

The company has a 50-day moving average price of $1.16 and a two-hundred day moving average price of $1.15. The company has a market cap of $12.22 million, a PE ratio of -0.62 and a beta of 1.27.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.01). The business had revenue of $1.17 million during the quarter, compared to analyst estimates of $1.29 million. Tenon Medical had a negative return on equity of 409.04% and a negative net margin of 396.26%.

Institutional Investors Weigh In On Tenon Medical

An institutional investor recently bought a new position in Tenon Medical stock. Jane Street Group LLC purchased a new position in shares of Tenon Medical, Inc. (NASDAQ:TNON) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,958 shares of the company’s stock, valued at approximately $29,000. Jane Street Group LLC owned about 0.23% of Tenon Medical as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 22.74% of the company’s stock.

Tenon Medical Company Profile

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.