Tenax Therapeutics, Inc. (NASDAQ:TENX) Short Interest Up 132.9% in June

Key Points

• Short interest in Tenax Therapeutics surged 132.9% in June, reaching 1,787,937 shares as of June 30. About 7.0% of the company’s shares were sold short, with a days-to-cover ratio of 1.2.
• The stock has been volatile but remains near its highs, opening at $15.98 versus a 52-week range of $5.77 to $19.40. Tenax has a market cap of about $423.8 million and trades above both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but mostly positive, with several firms raising or reaffirming bullish ratings and an average price target of $38.00. The company recently beat quarterly EPS estimates, reporting a smaller-than-expected loss of $0.35 per share.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) saw a significant growth in short interest in the month of June. As of June 30th, there was short interest totaling 1,787,937 shares, a growth of 132.9% from the June 15th total of 767,532 shares. Approximately 7.0% of the shares of the company are sold short. Based on an average daily volume of 1,507,495 shares, the days-to-cover ratio is currently 1.2 days.

Tenax Therapeutics Stock Performance

TENX stock opened at $15.98 on Tuesday. The company's 50-day simple moving average is $12.72 and its 200 day simple moving average is $13.33. Tenax Therapeutics has a 52 week low of $5.77 and a 52 week high of $19.40. The company has a market capitalization of $423.79 million, a PE ratio of -11.41 and a beta of 0.92.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The specialty pharmaceutical company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.05. On average, analysts forecast that Tenax Therapeutics will post -1.51 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on TENX shares. Piper Sandler lifted their target price on shares of Tenax Therapeutics from $20.00 to $50.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Tenax Therapeutics in a research report on Tuesday, June 30th. Chardan Capital restated a "buy" rating and set a $27.00 price objective on shares of Tenax Therapeutics in a report on Thursday, July 2nd. Cantor Fitzgerald restated an "overweight" rating and set a $35.00 price objective on shares of Tenax Therapeutics in a report on Wednesday, June 24th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $40.00 target price (up from $34.00) on shares of Tenax Therapeutics in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Tenax Therapeutics has an average rating of "Moderate Buy" and an average price target of $38.00.

Institutional Investors Weigh In On Tenax Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TENX. ADAR1 Capital Management LLC grew its position in Tenax Therapeutics by 19.2% during the fourth quarter. ADAR1 Capital Management LLC now owns 63,673 shares of the specialty pharmaceutical company's stock worth $776,000 after buying an additional 10,245 shares in the last quarter. Letko Brosseau & Associates Inc. bought a new stake in shares of Tenax Therapeutics during the 4th quarter valued at $130,000. Virtu Financial LLC bought a new stake in shares of Tenax Therapeutics during the 3rd quarter valued at $92,000. Corient Private Wealth LLC acquired a new stake in shares of Tenax Therapeutics during the 4th quarter worth $151,000. Finally, Bank of America Corp DE grew its holdings in shares of Tenax Therapeutics by 391.2% during the 1st quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company's stock worth $297,000 after purchasing an additional 14,789 shares in the last quarter. 1.67% of the stock is currently owned by institutional investors and hedge funds.

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.

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