Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Up 94.1% in January

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 125,000 shares, an increase of 94.1% from the December 31st total of 64,400 shares. Currently, 4.0% of the shares of the stock are sold short. Based on an average trading volume of 544,500 shares, the days-to-cover ratio is currently 0.2 days.

Analysts Set New Price Targets

Separately, Maxim Group dropped their target price on shares of Tenon Medical from $22.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, November 15th.

Tenon Medical Stock Performance

TNON stock traded up $0.01 during trading on Friday, hitting $1.62. 87,788 shares of the company’s stock traded hands, compared to its average volume of 116,349. Tenon Medical has a 52 week low of $1.52 and a 52 week high of $15.79. The business has a fifty day simple moving average of $1.96 and a 200 day simple moving average of $2.34. The stock has a market capitalization of $5.09 million, a price-to-earnings 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 holdings in shares of Tenon Medical, Inc. (NASDAQ:TNON) by 155.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,650 shares of the company’s stock after purchasing an additional 15,625 shares during the quarter. Spectrum Asset Management Inc. NB CA owned 0.82% of Tenon Medical worth $48,000 as of its most recent filing with the Securities & Exchange Commission. 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.