Adar1 Capital Management, Llc Purchases 187,704 Shares of Tenax Therapeutics (NASDAQ:TENX) Stock

Key Points

• Adar1 Capital Management increased its Tenax Therapeutics stake by purchasing 187,704 shares at $1.80 each, bringing its holdings to 5,624,151 shares. The purchase followed several additional acquisitions in August and early September.
• Tenax shares rose to $1.85 in mid-day trading, but remain well below their 52-week high of $19.40; the company has a market capitalization of approximately $69.2 million.
• Analyst sentiment is mixed, with an overall “Hold” consensus and a $14 average price target. Tenax recently reported a quarterly loss of $0.35 per share, which was better than estimates.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) major shareholder Adar1 Capital Management, Llc acquired 187,704 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was purchased at an average price of $1.80 per share, for a total transaction of $337,867.20. Following the acquisition, the insider directly owned 5,624,151 shares in the company, valued at $10,123,471.80. This represents a 3.45% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Tuesday, September 1st, Adar1 Capital Management, Llc acquired 179,058 shares of Tenax Therapeutics stock. The shares were bought at an average price of $1.80 per share, for a total transaction of $322,304.40.
• On Monday, August 31st, Adar1 Capital Management, Llc acquired 403,571 shares of Tenax Therapeutics stock. The stock was purchased at an average cost of $1.79 per share, with a total value of $722,392.09.
• On Monday, August 24th, Adar1 Capital Management, Llc purchased 107,374 shares of Tenax Therapeutics stock. The stock was purchased at an average cost of $1.75 per share, with a total value of $187,904.50.
• On Friday, August 21st, Adar1 Capital Management, Llc bought 716,369 shares of Tenax Therapeutics stock. The shares were acquired at an average cost of $1.77 per share, with a total value of $1,267,973.13.
• On Thursday, August 20th, Adar1 Capital Management, Llc bought 202,124 shares of Tenax Therapeutics stock. The stock was bought at an average cost of $1.78 per share, for a total transaction of $359,780.72.

Tenax Therapeutics Price Performance

Shares of NASDAQ:TENX traded up $0.05 during mid-day trading on Wednesday, reaching $1.85. 2,770,370 shares of the company were exchanged, compared to its average volume of 2,016,301. Tenax Therapeutics, Inc. has a 1 year low of $1.31 and a 1 year high of $19.40. The firm's 50-day simple moving average is $10.54 and its 200 day simple moving average is $12.07. The firm has a market cap of $69.23 million, a price-to-earnings ratio of -1.25 and a beta of 0.83.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last announced its earnings results on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) EPS for the quarter, beating analysts' consensus estimates of ($0.38) by $0.03. On average, research analysts forecast that Tenax Therapeutics, Inc. will post -1.41 earnings per share for the current fiscal year.

Institutional Trading of Tenax Therapeutics

Hedge funds have recently modified their holdings of the business. Letko Brosseau & Associates Inc. purchased a new stake in Tenax Therapeutics during the fourth quarter worth $130,000. Virtu Financial LLC purchased a new position in shares of Tenax Therapeutics during the third quarter valued at approximately $92,000. Corient Private Wealth LLC purchased a new position in shares of Tenax Therapeutics during the 4th quarter worth $151,000. Bank of America Corp DE boosted its stake in Tenax Therapeutics by 391.2% in the 1st quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company's stock worth $297,000 after buying an additional 14,789 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Tenax Therapeutics in the fourth quarter worth approximately $252,000. 1.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wall Street Zen cut shares of Tenax Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. UBS Group cut Tenax Therapeutics to a "neutral" rating in a research note on Monday. Canaccord Genuity Group set a $4.00 target price on Tenax Therapeutics and gave the company a "buy" rating in a report on Tuesday, August 11th. Evercore cut Tenax Therapeutics from an "outperform" rating to an "in-line" rating and set a $5.00 target price for the company. in a research note on Tuesday, August 11th. Finally, Leerink Partners set a $4.00 price target on Tenax Therapeutics in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $14.00.

Tenax Therapeutics Company Profile

Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company developing drug delivery technologies designed to improve pain management in acute care settings. The company's proprietary platform leverages biodegradable polymer matrices to create sustained-release formulations of local anesthetics, aiming to extend the duration of pain relief while reducing reliance on opioid medications.

Tenax's lead development programs focus on injectable formulations intended for infiltration and peripheral nerve block applications, with the goal of providing longer-lasting analgesia following surgical and procedural interventions.

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