Tenax Therapeutics, Inc. (NASDAQ:TENX) insider Stuart Rich purchased 2,500 shares of the company’s stock on December 4, 2023. The shares were acquired at an average price of $9.20 each, resulting in a total investment of $23,000. Following this transaction, Rich directly owns 2,500 shares valued at approximately the same amount, reflecting a significant increase in his stake in the company.
This recent acquisition was part of a series of trades made by Rich. On December 3, he acquired 1,500 shares at an average cost of $9.08 per share for a total of $13,620. The day prior, on December 2, Rich purchased 1,000 shares at $9.01 each, totaling $9,010. These transactions highlight Rich’s growing confidence in Tenax Therapeutics.
Stock Performance and Market Analysis
As of the opening on December 5, Tenax Therapeutics shares traded at $9.65. The company has seen considerable movement over the past year with a low of $4.63 and a high of $9.91. Its market capitalization stands at approximately $60.22 million, with a price-to-earnings ratio of -8.54 and a beta of 1.55, indicating its volatility compared to the market.
Equities research analysts have offered varying perspectives on the stock’s future. Weiss Ratings recently maintained a “sell (e+)” rating, while Guggenheim reduced its target price from $15.00 to $14.00, designating the stock as a “buy.” Piper Sandler initiated coverage with an “overweight” rating and set a target price of $20.00. Currently, three analysts rate the stock as a “buy,” while one has issued a “sell” rating, resulting in a consensus rating of “Moderate Buy” with a price target of $18.00, according to MarketBeat.com.
Institutional Investor Activity
Recent trading activity among institutional investors suggests increasing interest in Tenax Therapeutics. Virtu Financial LLC acquired a new position valued at $92,000 during the third quarter. Citadel Advisors LLC raised its holdings by 318.1%, now owning 43,253 shares worth $329,000 after acquiring an additional 32,908 shares.
Additionally, ADAR1 Capital Management LLC boosted its position by 98.1%, now holding 68,741 shares valued at $450,000. Millennium Management LLC increased its stake by 34.2%, bringing its total to 313,712 shares worth $2,387,000. Currently, institutional investors hold approximately 1.67% of Tenax Therapeutics stock.
Based in the United States, Tenax Therapeutics focuses on developing and commercializing pharmaceutical products, particularly those containing imatinib for treating pulmonary arterial hypertension. The company is advancing several products, including TNX-101 (IV), TNX-102, and TNX-103, which have completed phase II clinical trials targeting pulmonary hypertension associated with heart failure.
This growing activity in both insider and institutional trading highlights the potential developments within Tenax Therapeutics and underscores the market’s interest in its future performance.
