Tenax Therapeutics (NASDAQ:TENX) Hits New 12-Month High - Here's What Happened

Key Points

• Tenax Therapeutics hit a new 52-week high, trading as high as $18.80 and last changing hands around $19.08, up about 4% on the day.
• Analyst sentiment is broadly positive, with several firms maintaining or raising bullish ratings and price targets; the consensus target price is $38 and the stock is rated Moderate Buy.
• The company recently beat quarterly earnings expectations, reporting a loss of $0.35 per share versus the expected $0.40 loss, while institutional investors have also been increasing their positions.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $18.80 and last traded at $19.0840, with a volume of 220809 shares trading hands. The stock had previously closed at $17.73.

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Wall Street Analysts Forecast Growth

A number of brokerages have commented on TENX. Guggenheim restated a "buy" rating and set a $40.00 price target (up from $34.00) on shares of Tenax Therapeutics in a research note on Monday, June 22nd. Weiss Ratings restated a "sell (d-)" rating on shares of Tenax Therapeutics in a research note on Tuesday, June 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Tenax Therapeutics in a report on Wednesday, June 24th. Lifesci Capital upgraded shares of Tenax Therapeutics to a "strong-buy" rating in a research report on Thursday, March 12th. Finally, Piper Sandler lifted their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Tenax Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $38.00.

Tenax Therapeutics Trading Up 4.0%

The company has a market cap of $489.06 million, a P/E ratio of -13.24 and a beta of 0.92. The firm's 50 day moving average price is $12.49 and its 200-day moving average price is $13.23.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last posted its quarterly earnings results on Tuesday, May 12th. The specialty pharmaceutical company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.05. Analysts predict that Tenax Therapeutics, Inc. will post -1.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new stake in shares of Tenax Therapeutics during the third quarter worth $92,000. Boothbay Fund Management LLC acquired a new position in Tenax Therapeutics in the third quarter valued at about $2,680,000. Citadel Advisors LLC boosted its stake in 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 acquiring an additional 32,908 shares during the last quarter. Millennium Management LLC boosted its position in shares of Tenax Therapeutics by 34.2% during the third quarter. Millennium Management LLC now owns 313,712 shares of the specialty pharmaceutical company's stock worth $2,387,000 after purchasing an additional 79,998 shares in the last quarter. Finally, Woodline Partners LP acquired a new stake in Tenax Therapeutics during the 3rd quarter worth $671,000. Institutional investors and hedge funds own 1.67% of the company's stock.

Tenax Therapeutics Company Profile

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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