Tenon Medical, Inc. (NASDAQ:TNON) Sees Significant Decrease in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant decrease in short interest in the month of January. As of January 15th, there was short interest totalling 64,400 shares, a decrease of 50.2% from the December 31st total of 129,400 shares. Based on an average daily trading volume, of 780,000 shares, the days-to-cover ratio is currently 0.1 days. Approximately 2.1% of the shares of the stock are short sold.

Tenon Medical Price Performance

NASDAQ TNON traded down $0.05 on Wednesday, hitting $1.63. 79,731 shares of the company were exchanged, compared to its average volume of 123,041. Tenon Medical has a twelve month low of $1.52 and a twelve month high of $15.79. The firm has a market capitalization of $5.10 million, a P/E ratio of -0.06 and a beta of 1.90. The company’s 50 day moving average price is $2.00 and its 200-day moving average price is $2.35.

Hedge Funds Weigh In On Tenon Medical

A hedge fund recently raised its stake in Tenon Medical stock. Spectrum Asset Management Inc. NB CA boosted its holdings in shares of Tenon Medical, Inc. (NASDAQ:TNON) by 155.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,650 shares of the company’s stock after acquiring an additional 15,625 shares during the quarter. Spectrum Asset Management Inc. NB CA owned approximately 0.82% of Tenon Medical worth $48,000 at the end of the most recent reporting period. 22.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Maxim Group cut their price target on shares of Tenon Medical from $22.00 to $8.00 and set a “buy” rating for the company in a report on Friday, November 15th.

Tenon Medical Company Profile

Tenon Medical, Inc, a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the ilium and sacrum, as well as transfixes the SI joints.