Tenax Therapeutics (NASDAQ:TENX) Earns Buy Rating from Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group initiated coverage of Tenax Therapeutics with a “buy” rating and a $35 price target, implying 116.18% upside from the prior close.
• Analyst sentiment is broadly positive: Tenax has an average “Moderate Buy” rating and a $37.67 consensus price target, though Weiss Ratings maintains a sell rating.
• Tenax reported quarterly EPS of $(0.35), beating the $(0.40) consensus estimate. The clinical-stage pharmaceutical company is developing sustained-release local anesthetic formulations intended to improve postoperative pain management and reduce opioid use.

Equities research analysts at Canaccord Genuity Group began coverage on shares of Tenax Therapeutics (NASDAQ:TENX - Get Free Report) in a report released on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $35.00 price target on the specialty pharmaceutical company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 116.18% from the company's previous close.

Other analysts also recently issued research reports about the company. Piper Sandler raised their price target on Tenax Therapeutics from $20.00 to $50.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Chardan Capital restated a "buy" rating and set a $27.00 price objective on shares of Tenax Therapeutics in a research note on Thursday, July 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Tenax Therapeutics in a research report on Wednesday, June 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tenax Therapeutics in a research note on Tuesday, June 30th. Finally, Evercore assumed coverage on shares of Tenax Therapeutics in a report on Wednesday, July 22nd. They set an "outperform" rating and a $39.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $37.67.

Tenax Therapeutics Stock Performance

NASDAQ TENX opened at $16.19 on Tuesday. Tenax Therapeutics has a one year low of $5.78 and a one year high of $19.40. The company has a 50-day simple moving average of $13.40 and a 200-day simple moving average of $13.54. The firm has a market capitalization of $429.36 million, a PE ratio of -11.56 and a beta of 0.92.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last released 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. Equities analysts forecast that Tenax Therapeutics will post -1.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new position in shares of Tenax Therapeutics in the third quarter worth $92,000. Citadel Advisors LLC raised its position in shares of Tenax Therapeutics by 318.1% during the 3rd quarter. Citadel Advisors LLC now owns 43,253 shares of the specialty pharmaceutical company's stock worth $329,000 after buying an additional 32,908 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Tenax Therapeutics by 34.2% in 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 position in shares of Tenax Therapeutics in the third quarter valued at approximately $671,000. Finally, Geode Capital Management LLC increased its stake in shares of 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 acquiring an additional 21,274 shares during the period. 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 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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