Specialty pharmaceutical company Tenax Therapeutics Inc (NASDAQ:TENX) saw its stock come into focus on Friday and it ended with gains of 7% as it ended up as one of the notable movers.
Market Reaction
On Friday, TENX stock moved up 8.50% to $0.64 with more than 53K shares, compared to its average volume of 45K shares. The stock moved within a range of $0.5900 – 0.6898 after opening trade at $0.5713.
Major News
Although the gain was notable, it is also necessary to note that there was no news with regards to the company that could have moved the stock. In fact, it was back on March 31 this year that Tenax was last in the news. At the time, the company announced its financial results for the fiscal year that had ended on December 31, 2021. Investors may consider taking a look at some of the highlights in order to make up their minds about the state of the company.
The company announced that the research and development expenses for the fiscal year had come in at $25.1 million and that was considerably higher than the $4.6 million that was spend under the same overhead in the fiscal year that ended on December 31, 2020. On the other hand, the net losses for the year stood at $32.5 million and that was much higher than the net losses of $9.9 million in the prior year period.
Traders Review
TENX stock is trading below 20-Day and 50-Day Moving averages of $0.69 and $0.69 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.19.
