Tenon Medical (NASDAQ:TNON) Trading Down 13.6% – Here’s Why

Tenon Medical, Inc. (NASDAQ:TNON)’s stock price dropped 13.6% during mid-day trading on Wednesday . The company traded as low as $0.3849 and last traded at $0.40. 3,027,695 shares were traded during trading, a decline of 81% from the average daily volume of 15,618,856 shares. The stock had previously closed at $0.4628.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a report on Monday, April 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Tenon Medical Stock Performance

The company’s 50 day simple moving average is $0.68 and its 200-day simple moving average is $0.81. The firm has a market capitalization of $6.07 million, a PE ratio of -0.40 and a beta of 1.26.

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

Hedge Funds Weigh In On Tenon Medical

A number of institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC bought a new stake in shares of Tenon Medical during the 1st quarter valued at about $29,000. Geode Capital Management LLC grew its holdings 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 purchasing an additional 17,137 shares in the last quarter. Finally, DRW Securities LLC bought a new position in shares of Tenon Medical in the fourth quarter worth approximately $98,000. 22.74% of the stock is currently owned by institutional investors.

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.