Tenax Therapeutics Inc (NASDAQ: TENX) is having an incredibly strong start to the trading session this morning. In fact, the stock is gaining in multiples. However, there has been no news released either by press release or SEC filing and even the experts seem to be baffled by the run. Today, we’ll talk about:
- What’s happening with TENX;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
What’s Going On With TENX
As mentioned above, Tenax Therapeutics is having a strong start to the trading session this morning, gaining in multiples on absolutely no news. While everyone seems to be talking about the move, there doesn’t seem to be a driver that can be pinned down. Short interest is there but not that high, there hasn’t been any recent news, nothing that investors are awaiting with a catalyst around the corner. Even Open Outcrier, a Twitter personality that seems to always have the answers to the tough one, didin’t find the driver.
$TENX (+28.6% pre) Tenax Therapeutics up 30% in premkt trade. It is unclear the driver.
— Open Outcrier (@OpenOutcrier) December 7, 2018
Nonetheless, the stock is moving, and there’s a good chance that it will climb higher. Here’s what we know:
We know that TENX is a stock with a very low float. So, it doesn’t take much to make a stock like this run. We also know that short interest sits at about 9%, and this move could squeeze this number down even lower. Finally, we know that the move this morning has led the stock to climb above its 50-day moving average. This is a key technical signal that suggests that more gains may be ahead. So, while the stock is gaining in multiples, more multiples are likely coming.
What We’re Seeing From The Stock
While there has been no news and it is unclear why Tenax Therapeutics is making a run, it is climbing. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:13), TENX is trading at $4.72 per share after a gain of $3.04 per share or 180.95% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TENX. In particular, we’re interested in following the story surrounding the run in value that we’re seeing today. At some point, a cause for the run may surface. Nonetheless, we’ll continue to follow the stock closely and bring the news to you as it breaks!
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