Tenon Medical, Inc. (NASDAQ:TNON) Sees Large Growth in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant increase in short interest during the month of 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. Based on an average daily volume of 5,640,000 shares, the short-interest ratio is currently 0.1 days. Currently, 16.5% of the shares of the stock are sold short.

Tenon Medical Stock Performance

Shares of NASDAQ:TNON opened at $2.31 on Friday. The stock has a market capitalization of $7.23 million, a price-to-earnings ratio of -0.08 and a beta of 1.89. Tenon Medical has a 1-year low of $0.91 and a 1-year high of $15.79. The company has a 50 day moving average price of $1.52 and a 200 day moving average price of $2.56.

Hedge Funds Weigh In On Tenon Medical

A number of hedge funds have recently modified their holdings of TNON. Renaissance Technologies LLC acquired a new position in shares of Tenon Medical in the 4th quarter valued at $51,000. Spectrum Asset Management Inc. NB CA boosted its holdings in shares of Tenon Medical by 155.9% in the fourth quarter. Spectrum Asset Management Inc. NB CA now owns 25,650 shares of the company’s stock worth $48,000 after buying an additional 15,625 shares during the period. Finally, Geode Capital Management LLC purchased a new position in shares of Tenon Medical in the fourth quarter worth approximately $34,000. 22.74% of the stock is currently owned by institutional investors and hedge funds.

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.