Declan Doogan Purchases 53,000 Shares of Tenax Therapeutics (NASDAQ:TENX) Stock

Key Points

• Director Declan Doogan bought 53,000 Tenax Therapeutics shares at an average price of $1.92, investing $101,760 and increasing his ownership by 2,330.69% to 55,274 shares.
• TENX traded at $1.86, with a market capitalization of approximately $69.6 million. The stock has fallen sharply from its 52-week high of $19.40 and reported a quarterly loss of $0.35 per share, slightly better than analysts’ expectations.
• Analyst sentiment is mixed: the consensus rating is “Hold”, with a $14.00 target price, while recent institutional investors—including Janus Henderson and Perceptive Advisors—have increased their positions.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) Director Declan Doogan purchased 53,000 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The stock was purchased at an average price of $1.92 per share, for a total transaction of $101,760.00. Following the purchase, the director owned 55,274 shares in the company, valued at $106,126.08. This represents a 2,330.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Tenax Therapeutics Price Performance

TENX stock traded up $0.04 during trading on Thursday, hitting $1.86. 3,554,114 shares of the stock traded hands, compared to its average volume of 5,662,953. The stock has a market cap of $69.60 million, a price-to-earnings ratio of -1.26 and a beta of 0.83. Tenax Therapeutics, Inc. has a 1 year low of $1.31 and a 1 year high of $19.40. The firm's 50 day moving average is $7.37 and its two-hundred day moving average is $11.19.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last issued its 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, analysts anticipate that Tenax Therapeutics, Inc. will post -1.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on TENX. Leerink Partners set a $4.00 target price on Tenax Therapeutics in a research note on Tuesday, August 11th. Canaccord Genuity Group set a $4.00 price target on Tenax Therapeutics and gave the company a "buy" rating in a report on Tuesday, August 11th. Guggenheim cut Tenax Therapeutics from a "buy" rating to a "neutral" rating in a research report on Monday, August 31st. UBS Group downgraded Tenax Therapeutics to a "neutral" rating in a report on Monday, August 31st. Finally, Wall Street Zen lowered Tenax Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.00.

Institutional Investors Weigh In On Tenax Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in shares of Tenax Therapeutics by 989.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,815,474 shares of the specialty pharmaceutical company's stock worth $29,066,000 after buying an additional 1,648,808 shares during the last quarter. Perceptive Advisors LLC increased its position in Tenax Therapeutics by 229.7% during the first quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company's stock valued at $23,150,000 after acquiring an additional 1,008,640 shares during the last quarter. Braidwell LP purchased a new stake in Tenax Therapeutics during the second quarter valued at $8,503,000. Bank of New York Mellon Corp bought a new position in Tenax Therapeutics in the second quarter valued at about $4,733,000. Finally, Avidity Partners Management LP bought a new position in Tenax Therapeutics in the first quarter valued at about $3,453,000. 1.67% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.