Tenax Therapeutics, Inc. (NASDAQ:TENX) Short Interest Update

Key Points

• Short interest surged 69.5% to 9.28 million shares as of August 31, representing 27.8% of Tenax Therapeutics’ outstanding shares.
• Analyst sentiment weakened, with several firms downgrading the stock; the consensus rating is “Hold” with an average price target of $14.00.
• TENX shares traded at $1.82, near the bottom of their $1.31–$19.40 one-year range, while major shareholder Adar1 Capital purchased 900,000 additional shares at an average price of $1.78.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 9,276,905 shares, a growth of 69.5% from the August 15th total of 5,473,983 shares. Based on an average daily volume of 8,254,803 shares, the short-interest ratio is currently 1.1 days. Currently, 27.8% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Leerink Partners set a $4.00 price objective on Tenax Therapeutics in a research report on Tuesday, August 11th. UBS Group cut Tenax Therapeutics to a "neutral" rating in a report on Monday, August 31st. Wall Street Zen downgraded shares of Tenax Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Chardan Capital lowered shares of Tenax Therapeutics from a "buy" rating to a "neutral" rating and set a $5.00 price objective on the stock. in a report on Tuesday, August 11th. Finally, William Blair cut shares of Tenax Therapeutics from an "outperform" rating to a "market perform" rating in a research report on Monday, August 10th. One 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 assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $14.00.

Tenax Therapeutics Trading Down 0.5%

Shares of TENX traded down $0.01 during trading hours on Wednesday, hitting $1.82. 2,264,034 shares of the stock traded hands, compared to its average volume of 2,192,461. Tenax Therapeutics has a 1-year low of $1.31 and a 1-year high of $19.40. The firm has a market capitalization of $68.10 million, a PE ratio of -1.23 and a beta of 0.83. The business has a fifty day moving average of $8.02 and a 200-day moving average of $11.33.

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

Insider Transactions at Tenax Therapeutics

In other news, major shareholder Adar1 Capital Management, Llc purchased 900,000 shares of Tenax Therapeutics stock in a transaction on Thursday, September 3rd. The shares were purchased at an average cost of $1.78 per share, for a total transaction of $1,602,000.00. Following the completion of the transaction, the insider directly owned 6,524,151 shares in the company, valued at approximately $11,612,988.78. This represents a 16.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have bought 2,707,050 shares of company stock worth $4,820,329. Company insiders own 10.81% of the company's stock.

Institutional Investors Weigh In On Tenax Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC acquired a new position in Tenax Therapeutics in the second quarter valued at approximately $485,000. Braidwell LP bought a new stake in shares of Tenax Therapeutics during the 2nd quarter valued at $8,503,000. Wellington Management Group LLP acquired a new position in shares of Tenax Therapeutics in the 2nd quarter valued at $1,390,000. Bank of New York Mellon Corp acquired a new position in shares of Tenax Therapeutics in the 2nd quarter valued at $4,733,000. Finally, Perceptive Advisors LLC boosted its position in shares of Tenax Therapeutics by 229.7% in the 1st quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company's stock worth $23,150,000 after purchasing an additional 1,008,640 shares during the last quarter. 1.67% of the stock is owned by institutional investors.

About Tenax Therapeutics

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.

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