Promising Developments and Financial Backing Drive Buy Rating for Tenax Therapeutics

William Blair analyst Matt Phipps has maintained their bullish stance on TENX stock, giving a Buy rating on March 6.

Matt Phipps has given his Buy rating due to a combination of factors, primarily centered around the promising developments in Tenax Therapeutics’ clinical programs. The company has announced an expansion of their Phase III LEVEL program for TNX-103, which aims to increase patient enrollment and enhance the statistical power of the study. This expansion is expected to improve the likelihood of achieving statistically significant results, which is a positive indicator for the drug’s potential success.
Additionally, Tenax has secured a private placement financing with RTW Investments, providing them with $25 million in gross proceeds. This funding is anticipated to expedite the concurrent execution of their Phase III studies. Furthermore, levosimendan has shown consistent improvements in key clinical markers across various trials, reinforcing confidence in its efficacy. Despite some risks associated with the small size of earlier trials, the recent positive stock performance and potential for further upside contribute to the Buy rating.

Phipps covers the Healthcare sector, focusing on stocks such as Kezar Life Sciences, Keros Therapeutics, and Jasper Therapeutics. According to TipRanks, Phipps has an average return of -10.3% and a 36.40% success rate on recommended stocks.

In another report released on March 6, Roth MKM also maintained a Buy rating on the stock with a $30.00 price target.