Tenax Therapeutics (NASDAQ:TENX) Major Shareholder Adar1 Capital Management, Llc Buys 331,979 Shares of Stock

Key Points

• Adar1 Capital Management purchased 331,979 Tenax Therapeutics shares at an average price of $1.66, investing approximately $551,085 and increasing its ownership by 4.67% to 7.45 million shares.
• Tenax shares remained flat at $1.63, with a market capitalization of approximately $61 million; the stock has traded between $1.31 and $19.40 over the past year.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and a $14 average price target, while the company reported a quarterly loss of $0.35 per share that beat estimates.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) major shareholder Adar1 Capital Management, Llc purchased 331,979 shares of the stock in a transaction that occurred on Wednesday, October 21st. The shares were purchased at an average price of $1.66 per share, with a total value of $551,085.14. Following the completion of the acquisition, the insider directly owned 7,447,000 shares in the company, valued at $12,362,020. The trade was a 4.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, October 20th, Adar1 Capital Management, Llc purchased 254,342 shares of Tenax Therapeutics stock. The stock was purchased at an average cost of $1.60 per share, for a total transaction of $406,947.20.
• On Monday, October 19th, Adar1 Capital Management, Llc acquired 336,528 shares of Tenax Therapeutics stock. The shares were purchased at an average cost of $1.51 per share, with a total value of $508,157.28.
• On Thursday, September 3rd, Adar1 Capital Management, Llc acquired 900,000 shares of Tenax Therapeutics stock. The shares were purchased at an average cost of $1.78 per share, with a total value of $1,602,000.00.
• On Wednesday, September 2nd, Adar1 Capital Management, Llc bought 187,704 shares of Tenax Therapeutics stock. The shares were purchased at an average price of $1.80 per share, with a total value of $337,867.20.
• On Tuesday, September 1st, Adar1 Capital Management, Llc acquired 179,058 shares of Tenax Therapeutics stock. The stock was acquired at an average price of $1.80 per share, with a total value of $322,304.40.
• On Monday, August 31st, Adar1 Capital Management, Llc purchased 403,571 shares of Tenax Therapeutics stock. The stock was acquired 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 bought 107,374 shares of Tenax Therapeutics stock. The shares were bought at an average cost of $1.75 per share, for a total transaction of $187,904.50.
• On Friday, August 21st, Adar1 Capital Management, Llc acquired 716,369 shares of Tenax Therapeutics stock. The shares were purchased at an average cost of $1.77 per share, for a total transaction of $1,267,973.13.
• On Thursday, August 20th, Adar1 Capital Management, Llc acquired 202,124 shares of Tenax Therapeutics stock. The stock was purchased at an average price of $1.78 per share, with a total value of $359,780.72.

Tenax Therapeutics Price Performance

Shares of NASDAQ:TENX remained flat at $1.63 during midday trading on Wednesday. 1,889,406 shares of the stock were exchanged, compared to its average volume of 2,241,564. The stock has a market capitalization of $60.99 million, a price-to-earnings ratio of -1.10 and a beta of 0.92. Tenax Therapeutics, Inc. has a 12-month low of $1.31 and a 12-month high of $19.40. The business has a 50-day moving average of $1.85 and a 200 day moving average of $9.25.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last announced its earnings results on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.38) by $0.03. As a group, analysts predict that Tenax Therapeutics, Inc. will post -1.38 EPS for the current fiscal year.

Analysts Set New Price Targets

TENX has been the topic of several research analyst reports. Weiss Ratings cut shares of Tenax Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, September 14th. Chardan Capital downgraded Tenax Therapeutics from a "buy" rating to a "neutral" rating and set a $5.00 price objective on the stock. in a research note on Tuesday, August 11th. Roth Capital set a $5.00 target price on shares of Tenax Therapeutics in a research note on Monday, August 10th. Canaccord Genuity Group set a $4.00 price target on Tenax Therapeutics and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, Guggenheim downgraded shares of Tenax Therapeutics from a "buy" rating to a "neutral" rating in a report on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.00.

Hedge Funds Weigh In On Tenax Therapeutics

Large investors have recently bought and sold shares of the business. State of Alaska Department of Revenue acquired a new stake in Tenax Therapeutics in the third quarter worth about $94,000. Bank of America Corp DE grew its stake in shares of Tenax Therapeutics by 391.2% during the first quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company's stock worth $297,000 after acquiring an additional 14,789 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Tenax Therapeutics in the 2nd quarter valued at approximately $485,000. The Manufacturers Life Insurance Company acquired a new stake in Tenax Therapeutics in the 1st quarter worth approximately $501,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Tenax Therapeutics in the 1st quarter worth approximately $1,001,000. Institutional investors own 1.67% of the company's stock.

About Tenax Therapeutics

Tenax Therapeutics, Inc is a specialty pharmaceutical company focused on developing treatments for cardiovascular and pulmonary diseases with significant unmet medical needs. The company's research and development activities are centered on therapies intended to improve outcomes for patients with conditions affecting the heart and lungs.

Tenax's primary product candidate is an oral formulation of levosimendan, a drug designed to enhance cardiac contractility and produce vasodilatory effects.

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