Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Update

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 64,400 shares, a decline of 50.2% from the December 31st total of 129,400 shares. Approximately 2.1% of the shares of the company are short sold. Based on an average trading volume of 780,000 shares, the days-to-cover ratio is presently 0.1 days.

Tenon Medical Stock Down 2.7 %

NASDAQ:TNON traded down $0.05 during trading hours on Wednesday, reaching $1.63. The company had a trading volume of 79,731 shares, compared to its average volume of 123,041. The stock has a 50-day moving average of $2.00 and a two-hundred day moving average of $2.35. Tenon Medical has a one year low of $1.52 and a one year high of $15.79. The firm has a market capitalization of $5.10 million, a PE ratio of -0.06 and a beta of 1.90.

Hedge Funds Weigh In On Tenon Medical

An institutional investor recently raised its position in Tenon Medical stock. Spectrum Asset Management Inc. NB CA raised its stake in Tenon Medical, Inc. (NASDAQ:TNON) by 155.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,650 shares of the company’s stock after acquiring an additional 15,625 shares during the quarter. Spectrum Asset Management Inc. NB CA owned about 0.82% of Tenon Medical worth $48,000 as of its most recent filing with the Securities and Exchange Commission. 22.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Maxim Group lowered their price target on Tenon Medical from $22.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, November 15th.

Tenon Medical Company Profile

Tenon Medical, Inc, a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the ilium and sacrum, as well as transfixes the SI joints.