Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Increases By 71.9%

Tenon Medical, Inc. (NASDAQ:TNON) saw a large increase in short interest during the month of June. As of June 15th, there was short interest totaling 256,462 shares, an increase of 71.9% from the May 31st total of 149,174 shares. Based on an average daily trading volume, of 100,836 shares, the short-interest ratio is presently 2.5 days. Approximately 2.2% of the shares of the stock are short sold.

Tenon Medical Stock Performance

Shares of TNON stock traded down $0.04 during trading hours on Thursday, reaching $0.28. The company had a trading volume of 69,100,353 shares, compared to its average volume of 3,921,045. The stock has a fifty day moving average of $0.65 and a 200-day moving average of $0.79. The company has a market capitalization of $3.35 million, a price-to-earnings ratio of -0.22 and a beta of 1.36. Tenon Medical has a 12-month low of $0.27 and a 12-month high of $2.48.

Tenon Medical (NASDAQ:TNON) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.31) 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%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Jane Street Group LLC acquired a new stake in shares of Tenon Medical during the 1st quarter worth about $29,000. Geode Capital Management LLC lifted its position in Tenon Medical by 34.6% in the fourth quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after buying an additional 17,137 shares during the last quarter. Finally, DRW Securities LLC purchased a new position in Tenon Medical during the fourth quarter worth about $98,000. Hedge funds and other institutional investors own 22.74% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tenon Medical in a research report on Monday, April 20th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

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.