Tenax Therapeutics (NASDAQ:TENX) Major Shareholder Adar1 Capital Management, Llc Buys 403,571 Shares

Key Points

• Adar1 Capital Management increased its Tenax Therapeutics stake by buying 403,571 shares at $1.79 each for approximately $722,392. The purchase raised its holdings to 5.26 million shares, an 8.31% increase, following several additional purchases in August and September.
• Tenax shares rose 2.8% to $1.85, but remain well below the 52-week high of $19.40. The company reported a quarterly loss of $0.35 per share, slightly better than analysts’ $0.38 estimate.
• Analyst views remain mixed, with ratings ranging from Strong Buy to Sell and a consensus rating of Hold. The average analyst price target is $14, while institutional and hedge-fund ownership stands at just 1.67%.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) major shareholder Adar1 Capital Management, Llc purchased 403,571 shares of the company's stock in a transaction on Monday, August 31st. The stock was acquired at an average price of $1.79 per share, with a total value of $722,392.09. Following the purchase, the insider owned 5,257,389 shares of the company's stock, valued at approximately $9,410,726.31. This represents a 8.31% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, September 2nd, Adar1 Capital Management, Llc acquired 187,704 shares of Tenax Therapeutics stock. The shares were bought at an average cost of $1.80 per share, for a total transaction of $337,867.20.
• On Tuesday, September 1st, Adar1 Capital Management, Llc acquired 179,058 shares of Tenax Therapeutics stock. The stock was bought at an average price of $1.80 per share, for a total transaction of $322,304.40.
• On Monday, August 24th, Adar1 Capital Management, Llc bought 107,374 shares of Tenax Therapeutics stock. The stock was bought at an average price 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 stock was bought at an average price 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 shares were bought at an average cost of $1.78 per share, with a total value of $359,780.72.

Tenax Therapeutics Stock Up 2.8%

NASDAQ TENX traded up $0.05 during trading hours on Wednesday, hitting $1.85. 2,770,370 shares of the company were exchanged, compared to its average volume of 2,016,301. The firm has a market cap of $69.23 million, a price-to-earnings ratio of -1.25 and a beta of 0.83. The company has a 50 day moving average of $10.54 and a two-hundred day moving average of $12.07. Tenax Therapeutics, Inc. has a 52-week low of $1.31 and a 52-week high of $19.40.

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

Hedge Funds Weigh In On Tenax Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Braidwell LP purchased a new position in shares of Tenax Therapeutics in the 2nd quarter valued at $8,503,000. Wellington Management Group LLP acquired a new stake in Tenax Therapeutics during the 2nd quarter worth $1,390,000. Bank of New York Mellon Corp purchased a new stake in Tenax Therapeutics in the second quarter valued at $4,733,000. Perceptive Advisors LLC lifted its position in Tenax Therapeutics by 229.7% in 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. Finally, Avidity Partners Management LP acquired a new position in Tenax Therapeutics in the first quarter valued at $3,453,000. 1.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Leerink Partners set a $4.00 price objective on shares of Tenax Therapeutics in a research report on Tuesday, August 11th. Evercore cut shares of Tenax Therapeutics from an "outperform" rating to an "in-line" rating and set a $5.00 price objective for the company. in a research report on Tuesday, August 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $35.00 target price on shares of Tenax Therapeutics in a research note on Wednesday, July 29th. Weiss Ratings raised Tenax Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday. Finally, Canaccord Genuity Group set a $4.00 price target on Tenax Therapeutics and gave the company a "buy" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Tenax Therapeutics currently has an average rating of "Hold" and a consensus price target of $14.00.

About Tenax Therapeutics

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source