Tenax Therapeutics Sees Significant Surge in Short Interest

Tenax Therapeutics, Inc. (NASDAQ:TENX) experienced a notable increase in short interest for October 2023. As of October 15, short interest reached a total of 754,300 shares, marking a significant rise of 36.2% compared to the previous total of 553,700 shares reported on September 30. This surge indicates that approximately 19.8% of the company’s shares are currently short sold, reflecting a short-interest ratio of 10.4 days based on an average daily volume of 72,400 shares.

Institutional Investor Activity

In addition to the rise in short interest, institutional trading has also seen changes. ADAR1 Capital Management LLC significantly increased its stake in Tenax Therapeutics by 98.1% during the first quarter, according to a recent 13F filing with the Securities and Exchange Commission. The firm acquired an additional 34,048 shares, resulting in a total of 68,741 shares owned, which is valued at approximately $450,000. This investment represents about 1.66% of Tenax Therapeutics.

As of now, hedge funds and other institutional investors own around 1.67% of the company’s stock. This indicates a cautious yet engaged interest from institutional stakeholders amidst the fluctuating market dynamics.

Stock Performance and Analyst Ratings

On Monday, Tenax Therapeutics’ shares traded down by $0.17, closing at $7.18 with a trading volume of 22,886 shares, notably lower than the average volume of 44,187. The company currently holds a market capitalization of $32.74 million, with a P/E ratio of -7.80 and a beta of 1.58. Over the past year, the stock has seen a low of $4.45 and a high of $8.24.

Market analysts have been actively monitoring Tenax Therapeutics. Guggenheim recently adjusted its target price for the company from $15.00 to $14.00 while maintaining a “buy” rating. Contrastingly, Wall Street Zen has revised its rating to “sell” as of October 25. Weiss Ratings reaffirmed a “sell (d-)” rating on October 14. Piper Sandler has also begun coverage, assigning an “overweight” rating with a target price of $20.00.

Overall, three research analysts have issued a Buy rating, while one has assigned a Sell rating. According to data from MarketBeat.com, the consensus rating for Tenax Therapeutics is currently categorized as “Moderate Buy,” with an average target price of $18.00.

Tenax Therapeutics, Inc. is focused on developing and commercializing pharmaceutical products for the treatment of pulmonary arterial hypertension in the United States. The company is working on several candidates including TNX-101 (IV), TNX-102, and TNX-103 (levosimendan), which have completed Phase II clinical trials for conditions associated with heart failure. Additionally, TNX-201 (imatinib) is being developed as a treatment for chronic myeloid leukemia.

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