Tenon Medical (NASDAQ:TNON) Trading Down 6.9% – Time to Sell?

Tenon Medical, Inc. (NASDAQ:TNON) shares traded down 6.9% during trading on Tuesday . The stock traded as low as $0.58 and last traded at $0.6254. 199,625 shares traded hands during mid-day trading, an increase of 146% from the average session volume of 80,992 shares. The stock had previously closed at $0.6714.

Analyst Ratings Changes

TNON has been the subject of several analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Tenon Medical in a report on Monday, April 20th. Alliance Global Partners reiterated a “buy” rating on shares of Tenon Medical in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Tenon Medical Trading Down 6.9%

The business has a fifty day moving average of $0.75 and a 200-day moving average of $0.88. The company has a market cap of $7.24 million, a PE ratio of -0.48 and a beta of 1.26.

Tenon Medical (NASDAQ:TNON) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.01). Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 270.09%.The business had revenue of $1.38 million during the quarter, compared to the consensus estimate of $1.30 million.

Institutional Trading of Tenon Medical

Large investors have recently added to or reduced their stakes in the stock. DRW Securities LLC purchased a new position in Tenon Medical during the 4th quarter valued at $98,000. Geode Capital Management LLC lifted its position in shares of Tenon Medical by 34.6% in the 4th quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock worth $63,000 after purchasing an additional 17,137 shares during the period. Finally, Jane Street Group LLC purchased a new stake in shares of Tenon Medical in the 1st quarter worth about $29,000. Institutional investors own 22.74% of the company’s stock.

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.