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

Shares of Tenon Medical, Inc. (NASDAQ:TNON) are going 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 market closes on Sunday, August 9th.

Tenon Medical Stock Performance

Shares of NASDAQ:TNON traded down $0.02 during mid-day trading on Thursday, hitting $0.17. 1,838,470 shares of the company traded hands, compared to its average volume of 1,049,591. The firm’s 50 day simple moving average is $0.38 and its 200 day simple moving average is $0.65. Tenon Medical has a 52-week low of $0.16 and a 52-week high of $1.74.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.01). The company had revenue of $1.38 million for the quarter, compared to analyst estimates 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 firms have recently commented on TNON. Alliance Global Partners reissued a “buy” rating on shares of Tenon Medical in a research report on Wednesday, May 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a report on Friday, July 17th. One research 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, Tenon Medical has an average rating of “Hold”.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TNON. Jane Street Group LLC acquired a new position in Tenon Medical in the first quarter worth about $29,000. Geode Capital Management LLC increased its holdings 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 acquired a new stake in Tenon Medical during the fourth quarter valued at approximately $98,000. 22.74% of the stock is owned by institutional investors and hedge funds.

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.