Tenon Medical (NASDAQ:TNON) Stock Price Down 3.6% – Time to Sell?

Tenon Medical, Inc. (NASDAQ:TNON) traded down 3.6% during mid-day trading on Friday . The company traded as low as $1.31 and last traded at $1.34. 33,917 shares changed hands during trading, a decline of 95% from the average session volume of 702,534 shares. The stock had previously closed at $1.39.

Wall Street Analyst Weigh In

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

Tenon Medical Stock Performance

The stock has a market capitalization of $4.20 million, a price-to-earnings ratio of -0.05 and a beta of 1.89. The business has a 50-day moving average of $1.67 and a 200-day moving average of $2.47.

Institutional Investors Weigh In On Tenon Medical

A number of institutional investors have recently made changes to their positions in TNON. Spectrum Asset Management Inc. NB CA lifted 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 worth $48,000 after acquiring an additional 15,625 shares during the last quarter. Geode Capital Management LLC acquired a new stake in Tenon Medical in the 4th quarter valued at approximately $34,000. Finally, Renaissance Technologies LLC purchased a new stake in Tenon Medical in the fourth quarter valued at approximately $51,000. 22.74% of the stock is currently owned by institutional investors and hedge funds.

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.