Tenax Therapeutics, Inc. (NASDAQ:TENX) Stock Has Average Target Price of $14.00 According to Brokerages

Tenax Therapeutics, Inc. (NASDAQ:TENX) has received a consensus recommendation of “Hold” from the ten ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $14.00.

TENX has been the topic of several recent analyst reports. Piper Sandler lifted their price objective on shares of Tenax Therapeutics from $20.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Cantor Fitzgerald restated an “overweight” rating on shares of Tenax Therapeutics in a research report on Thursday, September 10th. Wall Street Zen cut shares of Tenax Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Evercore cut shares of Tenax Therapeutics from an “outperform” rating to an “in-line” rating and set a $5.00 price target on the stock. in a research note on Tuesday, August 11th. Finally, Leerink Partners set a $4.00 price objective on shares of Tenax Therapeutics in a report on Tuesday, August 11th.

Tenax Therapeutics Stock Up 2.1%

NASDAQ TENX opened at $1.93 on Tuesday. Tenax Therapeutics has a twelve month low of $1.31 and a twelve month high of $19.40. The business has a 50-day moving average price of $4.62 and a 200-day moving average price of $10.43. The firm has a market cap of $72.22 million, a price-to-earnings ratio of -1.30 and a beta of 0.92.

Tenax Therapeutics (NASDAQ:TENX) last posted its quarterly earnings results on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.03. Research analysts expect that Tenax Therapeutics will post -1.38 EPS for the current fiscal year.

Insider Activity

In other news, Director Declan Doogan bought 53,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were bought at an average cost of $1.92 per share, for a total transaction of $101,760.00. Following the completion of the transaction, the director owned 55,274 shares of the company’s stock, valued at approximately $106,126.08. This represents a 2,330.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Adar1 Capital Management, Llc purchased 900,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average cost of $1.78 per share, with a total value of $1,602,000.00. Following the completion of the purchase, the insider owned 6,524,151 shares of the company’s stock, valued at $11,612,988.78. The trade was a 16.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 2,760,050 shares of company stock worth $4,922,089 over the last ninety days. Insiders own 10.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Letko Brosseau & Associates Inc. purchased a new stake in Tenax Therapeutics during the fourth quarter valued at $130,000. Bank of America Corp DE lifted its position in Tenax Therapeutics by 391.2% during the first quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company’s stock valued at $297,000 after purchasing an additional 14,789 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Tenax Therapeutics by 21.5% in the 1st quarter. Renaissance Technologies LLC now owns 152,600 shares of the specialty pharmaceutical company’s stock worth $2,440,000 after buying an additional 27,021 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Tenax Therapeutics in the 1st quarter worth $501,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Tenax Therapeutics in the 2nd quarter worth about $485,000. 1.67% of the stock is currently owned by institutional investors.

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.