Tenon Medical (NASDAQ:TNON) Shares Down 10.1% – Should You Sell?

Shares of Tenon Medical, Inc. (NASDAQ:TNON) traded down 10.1% on Tuesday . The stock traded as low as $0.72 and last traded at $0.7582. 183,522 shares changed hands during trading, an increase of 141% from the average session volume of 76,288 shares. The stock had previously closed at $0.8430.

Analysts Set New Price Targets

A number of brokerages have commented on TNON. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tenon Medical in a research note on Wednesday, January 21st. Wall Street Zen downgraded shares of Tenon Medical from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Tenon Medical Price Performance

The company has a market cap of $8.42 million, a PE ratio of -0.43 and a beta of 1.28. The company’s 50 day simple moving average is $1.02 and its two-hundred day simple moving average is $1.15.

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

Institutional Investors Weigh In On Tenon Medical

A hedge fund recently bought a new stake in Tenon Medical stock. Jane Street Group LLC bought 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 SEC. The institutional investor bought 13,958 shares of the company’s stock, valued at approximately $29,000. Jane Street Group LLC owned approximately 0.23% of Tenon Medical at the end of the most recent quarter. Institutional investors and hedge funds own 22.74% of the company’s stock.

About Tenon Medical

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.