Tenax Therapeutics, Inc. (NASDAQ:TENX) Short Interest Update

Tenax Therapeutics, Inc. (NASDAQ:TENX) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 9,276,905 shares, a growth of 69.5% from the August 15th total of 5,473,983 shares. Currently, 27.8% of the shares of the company are sold short. Based on an average trading volume of 8,254,803 shares, the short-interest ratio is currently 1.1 days.

Insider Activity at Tenax Therapeutics

In other news, major shareholder Adar1 Capital Management, Llc acquired 900,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were acquired at an average price of $1.78 per share, with a total value of $1,602,000.00. Following the acquisition, the insider directly owned 6,524,151 shares in the company, valued at approximately $11,612,988.78. The trade was a 16.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought a total of 2,707,050 shares of company stock worth $4,820,329 in the last three months. 10.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tenax Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TENX. Janus Henderson Group PLC grew its holdings in Tenax Therapeutics by 989.3% during the first quarter. Janus Henderson Group PLC now owns 1,815,474 shares of the specialty pharmaceutical company’s stock worth $29,066,000 after acquiring an additional 1,648,808 shares during the period. Perceptive Advisors LLC lifted its holdings in Tenax Therapeutics by 229.7% in the 1st quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company’s stock valued at $23,150,000 after acquiring an additional 1,008,640 shares during the last quarter. Braidwell LP acquired a new stake in Tenax Therapeutics in the 2nd quarter valued at about $8,503,000. Bank of New York Mellon Corp bought a new position in shares of Tenax Therapeutics during the 2nd quarter valued at about $4,733,000. Finally, Avidity Partners Management LP bought a new position in shares of Tenax Therapeutics during the 1st quarter valued at about $3,453,000. 1.67% of the stock is owned by institutional investors.

Tenax Therapeutics Stock Performance

Shares of TENX stock traded up $0.04 during midday trading on Thursday, reaching $1.85. 1,582,095 shares of the company were exchanged, compared to its average volume of 2,186,804. The company’s 50 day moving average price is $7.70 and its two-hundred day moving average price is $11.26. The company has a market cap of $69.41 million, a P/E ratio of -1.25 and a beta of 0.83. Tenax Therapeutics has a 12 month low of $1.31 and a 12 month high of $19.40.

Tenax Therapeutics (NASDAQ:TENX) last posted its quarterly earnings data on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.03. As a group, sell-side analysts predict that Tenax Therapeutics will post -1.38 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings cut Tenax Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of Tenax Therapeutics in a research report on Thursday, September 10th. Chardan Capital downgraded Tenax Therapeutics from a “buy” rating to a “neutral” rating and set a $5.00 target price on the stock. in a research note on Tuesday, August 11th. Leerink Partners set a $4.00 price target on Tenax Therapeutics in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut Tenax Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $14.00.

About Tenax Therapeutics

Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company focused on developing treatments for pulmonary hypertension and cardiovascular diseases. The company’s primary development program is centered on levosimendan, a calcium sensitizer and potassium-channel opener being evaluated for pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF).

Tenax is developing an oral formulation of levosimendan under the name TNX-103, along with other potential formulations intended for use in cardiovascular and pulmonary vascular conditions.