Tenax Therapeutics (NASDAQ:TENX) Major Shareholder Adar1 Capital Management, Llc Purchases 900,000 Shares of Stock

Key Points

• Adar1 Capital Management purchased 900,000 Tenax Therapeutics shares at an average $1.78 per share, investing $1.60 million and increasing its ownership by 16% to 6.52 million shares.
• TENX shares rose $0.04 to $1.98, but remain far below their 52-week high of $19.40. The company reported a quarterly loss of $0.35 per share, slightly better than analyst expectations.
• Analyst sentiment is mixed, with ratings ranging from Strong Buy to Sell; the overall consensus is Hold, with an average price target of $14.00.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) major shareholder Adar1 Capital Management, Llc acquired 900,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were bought at an average price of $1.78 per share, for a total transaction of $1,602,000.00. Following the transaction, the insider owned 6,524,151 shares of the company's stock, valued at $11,612,988.78. This trade represents a 16.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Major 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 Wednesday, September 2nd, Adar1 Capital Management, Llc bought 187,704 shares of Tenax Therapeutics stock. The stock was bought at an average price of $1.80 per share, for a total transaction of $337,867.20.
• On Tuesday, September 1st, Adar1 Capital Management, Llc bought 179,058 shares of Tenax Therapeutics stock. The stock was bought at an average cost of $1.80 per share, with a total value of $322,304.40.
• On Monday, August 31st, Adar1 Capital Management, Llc bought 403,571 shares of Tenax Therapeutics stock. The stock was bought 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 price of $1.75 per share, with a total value of $187,904.50.
• On Friday, August 21st, Adar1 Capital Management, Llc purchased 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 purchased 202,124 shares of Tenax Therapeutics stock. The shares were purchased at an average cost of $1.78 per share, for a total transaction of $359,780.72.

Tenax Therapeutics Stock Performance

Shares of TENX stock traded up $0.04 on Tuesday, reaching $1.98. The stock had a trading volume of 7,583,370 shares, compared to its average volume of 2,139,599. The stock has a market cap of $74.09 million, a P/E ratio of -1.34 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 company has a 50 day simple moving average of $9.63 and a 200 day simple moving average of $11.76.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last posted its quarterly earnings data 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, equities research analysts anticipate that Tenax Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Piper Sandler increased their price objective on shares of Tenax Therapeutics from $20.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Wall Street Zen lowered shares of Tenax Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Roth Capital set a $5.00 target price on shares of Tenax Therapeutics in a report on Monday, August 10th. Evercore downgraded shares of Tenax Therapeutics from an "outperform" rating to an "in-line" rating and set a $5.00 price target on the stock. in a research report on Tuesday, August 11th. Finally, Canaccord Genuity Group set a $4.00 price target on shares of Tenax Therapeutics and gave the stock a "buy" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.00.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new position in shares of Tenax Therapeutics during the 3rd quarter valued at about $92,000. Citadel Advisors LLC increased its holdings in Tenax Therapeutics by 318.1% in the 3rd quarter. Citadel Advisors LLC now owns 43,253 shares of the specialty pharmaceutical company's stock worth $329,000 after acquiring an additional 32,908 shares in the last quarter. Millennium Management LLC raised its stake in Tenax Therapeutics by 34.2% during the 3rd quarter. Millennium Management LLC now owns 313,712 shares of the specialty pharmaceutical company's stock worth $2,387,000 after acquiring an additional 79,998 shares during the period. Woodline Partners LP bought a new stake in Tenax Therapeutics during the 3rd quarter worth approximately $671,000. Finally, Geode Capital Management LLC lifted its holdings in Tenax Therapeutics by 61.8% during the fourth quarter. Geode Capital Management LLC now owns 55,699 shares of the specialty pharmaceutical company's stock valued at $679,000 after purchasing an additional 21,274 shares in the last quarter. Institutional investors own 1.67% of the company's stock.

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.