Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Up 71.9% in June

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a significant growth in short interest in the month of June. As of June 15th, there was short interest totaling 256,462 shares, a growth of 71.9% from the May 31st total of 149,174 shares. Based on an average daily volume of 100,836 shares, the days-to-cover ratio is presently 2.5 days. Approximately 2.2% of the shares of the company are short sold.

Institutional Investors Weigh In On Tenon Medical

Institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new position in Tenon Medical during the first quarter worth $29,000. Geode Capital Management LLC grew its position in shares of 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 purchasing an additional 17,137 shares during the period. Finally, DRW Securities LLC purchased a new stake in shares of Tenon Medical during the fourth quarter worth about $98,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

Tenon Medical Stock Down 13.2%

Shares of TNON traded down $0.04 during mid-day trading on Thursday, reaching $0.28. The company had a trading volume of 69,100,353 shares, compared to its average volume of 3,921,045. The stock has a market capitalization of $3.35 million, a P/E ratio of -0.22 and a beta of 1.36. Tenon Medical has a 52-week low of $0.27 and a 52-week high of $2.48. The stock has a 50 day moving average of $0.65 and a two-hundred day moving average of $0.79.

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

Wall Street Analysts Forecast Growth

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

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.