Tenon Medical (NASDAQ:TNON) Now Covered by Analysts at Alliance Global Partners

Analysts at Alliance Global Partners started coverage on shares of Tenon Medical (NASDAQ:TNON) in a note issued to investors on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $3.00 price target on the stock. Alliance Global Partners’ price target indicates a potential upside of 176.50% from the company’s previous close.

Tenon Medical Stock Performance

Shares of TNON stock traded down $0.01 during mid-day trading on Wednesday, hitting $1.09. The company’s stock had a trading volume of 580,991 shares, compared to its average volume of 2,423,380. Tenon Medical has a 52-week low of $0.91 and a 52-week high of $15.79. The stock has a market cap of $6.06 million, a price-to-earnings ratio of -0.04 and a beta of 1.16. The business has a 50-day moving average price of $1.47 and a 200 day moving average price of $2.32.

Hedge Funds Weigh In On Tenon Medical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Spectrum Asset Management Inc. NB CA raised its holdings in shares of Tenon Medical by 155.9% during the fourth quarter. Spectrum Asset Management Inc. NB CA now owns 25,650 shares of the company’s stock valued at $48,000 after purchasing an additional 15,625 shares during the last quarter. Geode Capital Management LLC bought a new stake in Tenon Medical in the 4th quarter worth approximately $34,000. Finally, Renaissance Technologies LLC bought a new stake in Tenon Medical in the 4th quarter worth approximately $51,000. Institutional investors own 22.74% of the company’s stock.

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.