Tenon Medical (NASDAQ:TNON) Trading Down 3.6% – Here’s What Happened

Tenon Medical, Inc. (NASDAQ:TNON)’s stock price was down 3.6% on Friday . The stock traded as low as $1.31 and last traded at $1.34. Approximately 33,917 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 702,534 shares. The stock had previously closed at $1.39.

Wall Street Analysts Forecast Growth

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

Tenon Medical Price Performance

The stock’s 50-day simple moving average is $1.67 and its 200 day simple moving average is $2.46. The stock has a market capitalization of $4.20 million, a P/E ratio of -0.05 and a beta of 1.89.

Institutional Investors Weigh In On Tenon Medical

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC bought a new stake in shares of Tenon Medical in the fourth quarter valued at about $34,000. Spectrum Asset Management Inc. NB CA boosted its position in shares of Tenon Medical by 155.9% in the fourth quarter. Spectrum Asset Management Inc. NB CA now owns 25,650 shares of the company’s stock valued at $48,000 after acquiring an additional 15,625 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Tenon Medical in the fourth quarter valued at about $51,000. Institutional investors own 22.74% of the company’s stock.

About Tenon Medical

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.