Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Decreases By 34.5%

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 135,400 shares, a decline of 34.5% from the October 31st total of 206,700 shares. Approximately 4.3% of the shares of the company are short sold. Based on an average daily trading volume, of 2,550,000 shares, the days-to-cover ratio is currently 0.1 days.

Tenon Medical Stock Down 2.1 %

TNON traded down $0.05 during trading on Friday, reaching $2.29. 61,853 shares of the company were exchanged, compared to its average volume of 728,388. Tenon Medical has a 12-month low of $2.20 and a 12-month high of $20.00. The company’s 50-day moving average is $3.52 and its two-hundred day moving average is $1.97. The company has a market cap of $7.18 million, a price-to-earnings ratio of -0.08 and a beta of 2.15.

Analyst Ratings Changes

A number of brokerages have weighed in on TNON. Maxim Group cut 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. Benchmark reaffirmed a “speculative buy” rating and issued a $3.00 price objective on shares of Tenon Medical in a report on Wednesday, August 14th.

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.