Tenon Medical, Inc. (NASDAQ:TNON) Sees Significant Drop in Short Interest

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

Wall Street Analysts Forecast Growth

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

Tenon Medical Price Performance

TNON opened at $1.73 on Tuesday. Tenon Medical has a 1-year low of $1.67 and a 1-year high of $15.79. The company’s 50 day simple moving average is $2.30 and its two-hundred day simple moving average is $2.27. The firm has a market capitalization of $5.43 million, a price-to-earnings ratio of -0.06 and a beta of 1.90.

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.