Tenon Medical Inc. (NASDAQ: TNON ) shares are trending on Wednesday.
Shares of the California-based medical device company surged 77.06% to $9.65 in after-hours trading on Tuesday.
In the regular session, TNON jumped 10.77% to $5.45, according to Benzinga Pro data.
The stock experienced an extremely elevated trading session on Tuesday, with 11.43 million shares traded compared with an average daily volume of 52,310 shares. This was approximately 219 times the stock’s average trading volume.
$100 Million Shelf Registration
The stock move came after Tenon Medical disclosed last week that it filed a shelf registration covering up to $100 million in securities and a $4.4 million at-the-market equity program with national wealth management and investment banking firm A.G.P./Alliance Global Partners.
The filing follows Tenon’s 1-for-35 reverse stock split, effective Aug. 10, taken to regain Nasdaq’s $1 minimum bid-price compliance ahead of an Aug. 24 deadline.
Earnings Miss
The filing came a day after Tenon reported second-quarter results for the period ended Jun. 30 that missed expectations.
Latest Private Market Opportunities Join 400,000+ InvestorsRevenue of $1.28 million was 17% below the analyst estimate of $1.54 million. Earnings per share came in at negative $12.35, missing the estimate of negative $8.40 by 47%.
Trading Metrics, Technical Analysis
Tenon Medical has a market capitalization of about $3.64 million. Over the past 52 weeks, its stock has traded as high as $54.95 and as low as $4.38. The company has approximately 667,000 million shares outstanding.
TNON has a Relative Strength Index (RSI) of 37.10.
Over the past 12 months, the stock has fallen 88.88%.
Currently, TNON is trading close to its annual low.
Benzinga’s Edge Stock Rankings indicate that TNON stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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