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

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

Analyst Ratings Changes

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

Tenon Medical Stock Performance

Shares of NASDAQ:TNON traded up $0.01 during trading on Friday, hitting $1.62. 87,788 shares of the stock were exchanged, compared to its average volume of 116,349. Tenon Medical has a 1-year low of $1.52 and a 1-year high of $15.79. The company has a market capitalization of $5.09 million, a price-to-earnings ratio of -0.06 and a beta of 1.90. The company’s fifty day simple moving average is $1.96 and its 200-day simple moving average is $2.34.

Hedge Funds Weigh In On Tenon Medical

A hedge fund recently raised its stake in Tenon Medical stock. Spectrum Asset Management Inc. NB CA increased its stake in shares of Tenon Medical, Inc. (NASDAQ:TNON) by 155.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,650 shares of the company’s stock after purchasing an additional 15,625 shares during the period. Spectrum Asset Management Inc. NB CA owned approximately 0.82% of Tenon Medical worth $48,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 22.74% of the company’s stock.

About Tenon Medical

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.