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

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 518,500 shares, an increase of 212.0% from the February 28th total of 166,200 shares. Approximately 16.5% of the company’s stock are sold short. Based on an average daily trading volume, of 5,640,000 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Investors Weigh In On Tenon Medical

Several institutional investors have recently modified their holdings of the company. Geode Capital Management LLC purchased a new position in Tenon Medical in the fourth quarter valued at $34,000. Spectrum Asset Management Inc. NB CA increased its holdings in shares of 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 valued at $48,000 after acquiring an additional 15,625 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Tenon Medical during the 4th quarter worth about $51,000. 22.74% of the stock is owned by hedge funds and other institutional investors.

Tenon Medical Stock Down 11.8 %

Shares of NASDAQ:TNON opened at $2.47 on Friday. Tenon Medical has a fifty-two week low of $0.91 and a fifty-two week high of $15.79. The firm’s 50 day moving average price is $1.53 and its 200 day moving average price is $2.56. The stock has a market cap of $7.75 million, a price-to-earnings ratio of -0.09 and a beta of 1.89.

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.