Tenax Therapeutics Inc (TENX): Are Hedge Funds Right About This Stock?

We view hedge fund activity in the stock unfavorable, but in this case there was only a single hedge fund selling its entire position: DAFNA Capital Management. One hedge fund selling its entire position doesn’t always imply a bearish intent. Theoretically a hedge fund may decide to sell a promising position in order to invest the proceeds in a more promising idea. However, we don’t think this is the case in this case because only one of the 800+ hedge funds tracked by Insider Monkey identified as a viable investment and initiated a position in the stock (that fund was Renaissance Technologies).

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Tenax Therapeutics Inc (NASDAQ:TENX) but similarly valued. We will take a look at OHA Investment Corp (NASDAQ:OHAI), MEI Pharma Inc (NASDAQ:MEIP), AMREP Corporation (NYSE:AXR), and Turtle Beach Corp (NASDAQ:HEAR). This group of stocks’ market valuations are closest to TENX’s market valuation.

As you can see these stocks had an average of 4.5 hedge funds with bullish positions and the average amount invested in these stocks was $3 million. That figure was $23 million in TENX’s case. MEI Pharma Inc (NASDAQ:MEIP) is the most popular stock in this table. On the other hand OHA Investment Corp (NASDAQ:OHAI) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Tenax Therapeutics Inc (NASDAQ:TENX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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Disclosure: None