Tenon Medical (NASDAQ:TNON) Trading Down 1.7% – What’s Next?

Tenon Medical, Inc. (NASDAQ:TNON)’s stock price dropped 1.7% during trading on Monday . The stock traded as low as $0.94 and last traded at $0.9531. Approximately 95,534 shares changed hands during mid-day trading, an increase of 39% from the average daily volume of 68,767 shares. The stock had previously closed at $0.97.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TNON. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research report on Wednesday, October 8th. Wall Street Zen downgraded Tenon Medical from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Tenon Medical currently has an average rating of “Hold” and an average price target of $3.00.

Tenon Medical Price Performance

The stock has a market cap of $10.59 million, a P/E ratio of -0.54 and a beta of 1.28. The stock’s 50 day simple moving average is $1.09 and its two-hundred day simple moving average is $1.16.

Tenon Medical (NASDAQ:TNON) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.01). The company had revenue of $1.17 million for the quarter, compared to the consensus estimate of $1.29 million. Tenon Medical had a negative return on equity of 409.04% and a negative net margin of 396.26%.

Institutional Trading of Tenon Medical

A hedge fund recently raised its stake in Tenon Medical stock. SBI Securities Co. Ltd. increased its position in shares of Tenon Medical, Inc. (NASDAQ:TNON) by 1,872.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,735 shares of the company’s stock after buying an additional 37,721 shares during the quarter. SBI Securities Co. Ltd. owned 0.52% of Tenon Medical worth $39,000 as of its most recent SEC filing. 22.74% of the stock is currently owned by institutional investors and hedge funds.

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.