Tenon Medical (NASDAQ:TNON) Trading Down 3.6% – Here’s What Happened

Tenon Medical, Inc. (NASDAQ:TNON) shares were down 3.6% on Friday . The stock traded as low as $1.31 and last traded at $1.34. Approximately 33,917 shares were traded during trading, a decline of 95% from the average daily volume of 702,534 shares. The stock had previously closed at $1.39.

Wall Street Analysts Forecast Growth

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

Tenon Medical Stock Performance

The company has a 50 day moving average of $1.67 and a 200 day moving average of $2.47. The stock has a market capitalization of $4.20 million, a price-to-earnings ratio of -0.05 and a beta of 1.89.

Institutional Investors Weigh In On Tenon Medical

A number of large investors have recently modified their holdings of TNON. Geode Capital Management LLC acquired a new position in Tenon Medical during the fourth quarter worth about $34,000. Spectrum Asset Management Inc. NB CA lifted its stake in Tenon Medical by 155.9% in the 4th quarter. Spectrum Asset Management Inc. NB CA now owns 25,650 shares of the company’s stock worth $48,000 after purchasing an additional 15,625 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Tenon Medical in the 4th quarter worth approximately $51,000. Hedge funds and other institutional investors own 22.74% of the company’s stock.

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.