Tenon Medical (NASDAQ:TNON) Shares Up 0.6% – What’s Next?

Tenon Medical, Inc. (NASDAQ:TNON) shot up 0.6% during trading on Tuesday . The company traded as high as $0.8184 and last traded at $0.7919. 64,539 shares traded hands during trading, a decline of 76% from the average session volume of 271,706 shares. The stock had previously closed at $0.7875.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.00.

Tenon Medical Stock Up 0.6%

The company has a 50-day simple moving average of $0.86 and a two-hundred day simple moving average of $1.06. The stock has a market cap of $8.80 million, a P/E ratio of -0.45 and a beta of 1.25.

Institutional Investors Weigh In On Tenon Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TNON. DRW Securities LLC purchased a new stake in Tenon Medical during the 4th quarter valued at $98,000. Geode Capital Management LLC increased its position in shares of Tenon Medical by 34.6% in the fourth quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock valued at $63,000 after acquiring an additional 17,137 shares during the period. SBI Securities Co. Ltd. increased its position in shares of Tenon Medical by 1,872.9% in the second quarter. SBI Securities Co. Ltd. now owns 39,735 shares of the company’s stock valued at $39,000 after acquiring an additional 37,721 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of Tenon Medical during the first quarter valued at about $29,000. 22.74% of the stock is currently owned by institutional investors.

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.