Tenax Therapeutics, Inc. (NASDAQ:TENX) Sees Large Growth in Short Interest

Tenax Therapeutics, Inc. (NASDAQ:TENX) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totaling 9,276,905 shares, an increase of 69.5% from the August 15th total of 5,473,983 shares. Approximately 27.8% of the company’s stock are sold short. Based on an average daily volume of 8,254,803 shares, the short-interest ratio is currently 1.1 days.

Insider Activity

In other news, major shareholder Adar1 Capital Management, Llc acquired 900,000 shares of Tenax Therapeutics stock in a transaction dated Thursday, September 3rd. The stock was bought at an average cost of $1.78 per share, with a total value of $1,602,000.00. Following the completion of the transaction, the insider directly owned 6,524,151 shares of the company’s stock, valued at approximately $11,612,988.78. This represents a 16.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Declan Doogan acquired 53,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were purchased at an average price of $1.92 per share, with a total value of $101,760.00. Following the completion of the acquisition, the director owned 55,274 shares of the company’s stock, valued at $106,126.08. This represents a 2,330.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 2,760,050 shares of company stock worth $4,922,089 in the last three months. Company insiders own 10.81% of the company’s stock.

Institutional Trading of Tenax Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its position in shares of Tenax Therapeutics by 989.3% in the first quarter. Janus Henderson Group PLC now owns 1,815,474 shares of the specialty pharmaceutical company’s stock valued at $29,066,000 after buying an additional 1,648,808 shares during the last quarter. Perceptive Advisors LLC increased its holdings in shares of Tenax Therapeutics by 229.7% during the 1st quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company’s stock worth $23,150,000 after acquiring an additional 1,008,640 shares during the last quarter. Braidwell LP acquired a new position in shares of Tenax Therapeutics in the second quarter valued at $8,503,000. Bank of New York Mellon Corp bought a new position in shares of Tenax Therapeutics in the second quarter valued at about $4,733,000. Finally, Avidity Partners Management LP acquired a new stake in shares of Tenax Therapeutics during the 1st quarter worth about $3,453,000. Institutional investors own 1.67% of the company’s stock.

Tenax Therapeutics Stock Up 2.4%

Shares of NASDAQ:TENX traded up $0.04 during midday trading on Friday, hitting $1.90. The stock had a trading volume of 1,305,339 shares, compared to its average volume of 2,193,531. Tenax Therapeutics has a 12 month low of $1.31 and a 12 month high of $19.40. The business’s 50-day simple moving average is $7.37 and its 200-day simple moving average is $11.19. The company has a market cap of $71.25 million, a P/E ratio of -1.29 and a beta of 0.83.

Tenax Therapeutics (NASDAQ:TENX) last posted its quarterly earnings results on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.03. As a group, equities analysts predict that Tenax Therapeutics will post -1.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TENX. UBS Group downgraded Tenax Therapeutics to a “neutral” rating in a research report on Monday, August 31st. Roth Capital set a $5.00 price objective on shares of Tenax Therapeutics in a research report on Monday, August 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Tenax Therapeutics in a report on Thursday, September 10th. Weiss Ratings downgraded shares of Tenax Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. Finally, Wall Street Zen lowered shares of Tenax Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.00.

Tenax Therapeutics Company Profile

Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company focused on developing treatments for pulmonary hypertension and cardiovascular diseases. The company’s primary development program is centered on levosimendan, a calcium sensitizer and potassium-channel opener being evaluated for pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF).

Tenax is developing an oral formulation of levosimendan under the name TNX-103, along with other potential formulations intended for use in cardiovascular and pulmonary vascular conditions.