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

Key Points

• Short interest fell 40.7% to 5.50 million shares as of September 15, representing 16.5% of Tenax Therapeutics’ outstanding shares and a short-interest ratio of one day.
• Tenax shares opened at $1.81, near the bottom of their $1.31–$19.40 12-month range. The company reported a quarterly loss of $0.35 per share, better than the $0.38 expected.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $14.00, while insiders bought 2.76 million shares worth approximately $4.92 million over the past 90 days.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) saw a significant decrease in short interest in September. As of September 15th, there was short interest totaling 5,503,842 shares, a decrease of 40.7% from the August 31st total of 9,276,905 shares. Currently, 16.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 5,350,727 shares, the short-interest ratio is currently 1.0 days.

Tenax Therapeutics Stock Down 1.8%

Shares of Tenax Therapeutics stock opened at $1.81 on Wednesday. The stock has a market cap of $67.58 million, a PE ratio of -1.23 and a beta of 0.83. The business has a fifty day simple moving average of $5.14 and a 200-day simple moving average of $10.60. Tenax Therapeutics has a 12 month low of $1.31 and a 12 month high of $19.40.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last issued its quarterly 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. Analysts expect that Tenax Therapeutics will post -1.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on TENX shares. William Blair lowered Tenax Therapeutics from an "outperform" rating to a "market perform" rating in a research report on Monday, August 10th. Piper Sandler upped their price objective on shares of Tenax Therapeutics from $20.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. UBS Group lowered shares of Tenax Therapeutics to a "neutral" rating in a research note on Monday, August 31st. Canaccord Genuity Group set a $4.00 target price on shares of 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 research report on Monday, August 31st. One investment 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 issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $14.00.

Insider Buying and Selling at Tenax Therapeutics

In related news, Director Declan Doogan acquired 53,000 shares of Tenax Therapeutics stock in a transaction dated Wednesday, September 16th. The stock was acquired at an average cost of $1.92 per share, with a total value of $101,760.00. Following the purchase, the director directly owned 55,274 shares in the company, valued at $106,126.08. The trade was a 2,330.69% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Adar1 Capital Management, Llc bought 900,000 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was bought at an average price of $1.78 per share, for a total transaction of $1,602,000.00. Following the completion of the acquisition, the insider directly owned 6,524,151 shares in the company, valued at approximately $11,612,988.78. The trade was a 16.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 2,760,050 shares of company stock worth $4,922,089 in the last ninety days. 10.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tenax Therapeutics

A number of large investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its position in shares of Tenax Therapeutics by 989.3% in the first quarter. Janus Henderson Group PLC now owns 1,815,474 shares of the specialty pharmaceutical company's stock worth $29,066,000 after purchasing an additional 1,648,808 shares in the last quarter. Perceptive Advisors LLC lifted its position in 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 buying an additional 1,008,640 shares in the last quarter. Braidwell LP purchased a new stake in Tenax Therapeutics in the 2nd quarter worth approximately $8,503,000. Bank of New York Mellon Corp acquired a new stake in shares of Tenax Therapeutics during the 2nd quarter valued at $4,733,000. Finally, Avidity Partners Management LP acquired a new stake in shares of Tenax Therapeutics during the 1st quarter valued at $3,453,000. Institutional investors and hedge funds own 1.67% of the company's stock.

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.

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.