Short Interest in Tenax Therapeutics, Inc. (NASDAQ:TENX) Increases By 132.9%

by · The Markets Daily

Tenax Therapeutics, Inc. (NASDAQ:TENX – Get Free Report) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totaling 1,787,937 shares, an increase of 132.9% from the June 15th total of 767,532 shares. Currently, 7.0% of the shares of the company are sold short. Based on an average trading volume of 1,507,495 shares, the short-interest ratio is presently 1.2 days.

Analyst Ratings Changes

A number of brokerages have weighed in on TENX. Guggenheim reaffirmed a “buy” rating and issued a $40.00 price objective (up from $34.00) on shares of Tenax Therapeutics in a report on Monday, June 22nd. Piper Sandler lifted their price target on Tenax Therapeutics from $20.00 to $50.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tenax Therapeutics in a research report on Tuesday, June 30th. Chardan Capital reissued a “buy” rating and issued a $27.00 target price on shares of Tenax Therapeutics in a report on Thursday, July 2nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 price target on shares of Tenax Therapeutics in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.00.

Check Out Our Latest Research Report on Tenax Therapeutics

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Boothbay Fund Management LLC purchased a new position in Tenax Therapeutics during the third quarter worth $2,680,000. Persistent Asset Partners Ltd purchased a new stake in shares of Tenax Therapeutics in the fourth quarter valued at $796,000. Letko Brosseau & Associates Inc. acquired a new stake in shares of Tenax Therapeutics during the fourth quarter valued at $130,000. Avidity Partners Management LP purchased a new stake in Tenax Therapeutics during the 1st quarter worth about $3,453,000. Finally, Bank of America Corp DE raised its stake in Tenax Therapeutics by 391.2% in the 1st quarter. Bank of America Corp DE now owns 18,569 shares of the specialty pharmaceutical company’s stock valued at $297,000 after purchasing an additional 14,789 shares during the last quarter. 1.67% of the stock is currently owned by institutional investors and hedge funds.

Tenax Therapeutics Stock Performance

TENX stock traded down $0.43 during midday trading on Wednesday, hitting $15.13. 283,336 shares of the stock were exchanged, compared to its average volume of 638,575. The stock’s 50-day moving average price is $12.78 and its 200-day moving average price is $13.35. The stock has a market cap of $401.22 million, a price-to-earnings ratio of -10.78 and a beta of 0.92. Tenax Therapeutics has a fifty-two week low of $5.77 and a fifty-two week high of $19.40.

Tenax Therapeutics (NASDAQ:TENX – Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The specialty pharmaceutical company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.05. Research analysts anticipate that Tenax Therapeutics will post -1.51 EPS for the current year.

Tenax Therapeutics Company Profile

(Get Free Report)

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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