Cantor starts Tenax at Overweight into Phase 3 readout

Cantor Fitzgerald initiated coverage of Tenax Therapeutics (TENX) with an Overweight rating and $35 price target The company has a pivotal Phase 3 readout of TNX-103 in heart failure with preserved ejection fraction expected in Q3, the analyst tells investors in a research note. Cantor views Tenax as “relatively under the radar” with a $1B fully diluted market cap despite having an upcoming Phase 3 readout. It the trial hits, the shares can double or triple, according to Cantor. It sees a “high-risk, high-reward setup into the data.” TNX-103 could be a multi-billion dollar drug if it’s the first approved therapy for PH-HFpEF, it predicts.