Tenon Medical Shares Scheduled to Reverse Split on Monday, August 10th (NASDAQ:TNON)

Shares of Tenon Medical, Inc. (NASDAQ:TNON) are scheduled to reverse split on the morning of Monday, August 10th. The 1-35 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, August 9th.

Tenon Medical Price Performance

Shares of TNON traded down $0.02 during mid-day trading on Thursday, hitting $0.17. 1,838,470 shares of the company’s stock were exchanged, compared to its average volume of 1,049,591. Tenon Medical has a fifty-two week low of $0.16 and a fifty-two week high of $1.74. The business’s 50 day moving average is $0.38 and its two-hundred day moving average is $0.65.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.01). The company 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%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TNON shares. 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 Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Institutional Investors Weigh In On Tenon Medical

Hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in Tenon Medical in the 1st quarter valued at approximately $29,000. Geode Capital Management LLC increased its stake in 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 acquiring an additional 17,137 shares during the last quarter. Finally, DRW Securities LLC purchased a new position in shares of Tenon Medical in the 4th quarter worth about $98,000. Institutional investors and hedge funds 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.