Tenax Therapeutics (NASDAQ:TENX) Sets New 52-Week Low - Here's Why

Key Points

• Tenax Therapeutics shares plunged to a new 52-week low, trading as low as $1.31 versus the prior close of $13.44, with more than 64.6 million shares changing hands.
• Analyst sentiment remains mixed: the consensus rating is “Moderate Buy” with a $33 price target, although Weiss Ratings maintained a sell rating and William Blair downgraded the stock to “market perform.”
• The clinical-stage pharmaceutical company reported a quarterly loss of $0.35 per share, beating estimates of a $0.38 loss; analysts expect a full-year loss of approximately $1.44 per share.

Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $1.31 and last traded at $1.38, with a volume of 64619137 shares changing hands. The stock had previously closed at $13.44.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TENX shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tenax Therapeutics in a research note on Tuesday, June 30th. Chardan Capital reiterated a "buy" rating and set a $27.00 price objective on shares of Tenax Therapeutics in a research note on Friday, July 31st. Piper Sandler boosted their target price on Tenax Therapeutics from $20.00 to $50.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Guggenheim restated 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. Finally, William Blair lowered Tenax Therapeutics from an "outperform" rating to a "market perform" rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.00.

Tenax Therapeutics Stock Performance

The company's 50 day moving average price is $13.58 and its 200-day moving average price is $13.38. The company has a market cap of $51.64 million, a price-to-earnings ratio of -0.93 and a beta of 0.93.

Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last issued its earnings results on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.38) by $0.03. As a group, sell-side analysts forecast that Tenax Therapeutics, Inc. will post -1.44 earnings per share for the current year.

Institutional Investors Weigh In On Tenax Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in shares of Tenax Therapeutics during the second quarter valued at $4,733,000. Perceptive Advisors LLC increased its stake 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 purchasing an additional 1,008,640 shares in the last quarter. Avidity Partners Management LP acquired a new stake in Tenax Therapeutics during the 1st quarter worth about $3,453,000. Bank of America Corp DE raised its holdings in 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 buying an additional 14,789 shares during the period. Finally, Stempoint Capital LP purchased a new stake in Tenax Therapeutics during the first quarter valued at about $3,017,000. 1.67% of the stock is 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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