Tenon Medical (NASDAQ:TNON) Trading Down 1.7% – Time to Sell?

Tenon Medical, Inc. (NASDAQ:TNON)’s share price dropped 1.7% on Monday . The company traded as low as $0.94 and last traded at $0.9531. Approximately 95,534 shares changed hands during mid-day trading, an increase of 39% from the average daily volume of 68,767 shares. The stock had previously closed at $0.97.

Analyst Ratings Changes

Several research firms have issued reports on TNON. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a report on Wednesday, October 8th. Wall Street Zen lowered Tenon Medical from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.00.

Tenon Medical Stock Performance

The firm has a market capitalization of $10.59 million, a P/E ratio of -0.54 and a beta of 1.28. The company has a 50-day moving average price of $1.09 and a 200-day moving average price of $1.16.

Tenon Medical (NASDAQ:TNON) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.01). Tenon Medical had a negative net margin of 396.26% and a negative return on equity of 409.04%. The company had revenue of $1.17 million during the quarter, compared to the consensus estimate of $1.29 million.

Institutional Trading of Tenon Medical

A hedge fund recently bought a new stake in Tenon Medical stock. Jane Street Group LLC acquired a new position in shares of Tenon Medical, Inc. (NASDAQ:TNON) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 13,958 shares of the company’s stock, valued at approximately $29,000. Jane Street Group LLC owned about 0.23% of Tenon Medical at the end of the most recent reporting period. 22.74% of the stock is currently owned by hedge funds and other institutional investors.

Tenon Medical Company Profile

Tenon Medical, Inc is a development-stage medical device company focused on the research, development and commercialization of next-generation surgical biologic adhesives and sealants. The company’s proprietary platform is designed to create tissue-compatible adhesives that can serve as alternatives or complements to traditional sutures and staples, with the goal of improving surgical efficiency, reducing postoperative complications and enhancing patient outcomes.

Tenon Medical’s product pipeline centers on protein-based polymer formulations that cross-link in situ to form a flexible, yet durable, bond with native tissue.