Tenon Medical (NASDAQ:TNON) Trading Down 13.6% – Here’s What Happened

Shares of Tenon Medical, Inc. (NASDAQ:TNON) were down 13.6% during trading on Wednesday . The stock traded as low as $0.3849 and last traded at $0.40. 3,027,695 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 15,618,856 shares. The stock had previously closed at $0.4628.

Analysts Set New Price Targets

A number of research analysts have weighed in on TNON shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research note on Monday, April 20th. Alliance Global Partners reaffirmed 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Tenon Medical Trading Down 13.6%

The company has a market cap of $4.74 million, a price-to-earnings ratio of -0.31 and a beta of 1.26. The stock’s 50 day moving average price is $0.69 and its 200 day moving average price is $0.81.

Tenon Medical (NASDAQ:TNON) last released its earnings results on Tuesday, May 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.38 million during the quarter, compared to analyst estimates of $1.30 million.

Hedge Funds Weigh In On Tenon Medical

Hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new position in shares of Tenon Medical in the 1st quarter worth $29,000. Geode Capital Management LLC boosted 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 acquiring an additional 17,137 shares during the last quarter. Finally, DRW Securities LLC acquired a new position in Tenon Medical in the fourth quarter valued at $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

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.