CHAPEL HILL, North Carolina, August 25, 2026, 16:00 EDT —
- TENX ended the session at $2.37, rising 27.84%, with 12.16 million shares traded.
- ADAR1 Capital acquired 1,025,867 shares for approximately $1.81 million.
- The acquired block rose by about $617,000 based on Tuesday’s closing price.
- Tenax is set to release further data from the LEVEL trial on August 29.
Shares of Tenax Therapeutics, Inc. NASDAQ:TENX surged 27.84% on Tuesday following the disclosure that a significant shareholder made $1.81 million in open-market buys.
The stock ended trading at $2.37, with a total of 12.16 million shares changing hands. This was roughly 3.2 times higher than its typical recent average volume, according to current market data Public market data.
ADAR1 Capital Management acquired 1,025,867 shares on August 20, 21 and 24. The filing lists the investor as both a 10% owner and a director, not as a Tenax operating executive.
The average weighted buying price stood at approximately $1.7684. By the end of trading on Tuesday, the value of the block reached $2.43 million, suggesting an unrealized gain of roughly $617,000.
| Reference point | Price or value | Investor read-through |
|---|---|---|
| August 7 close | $13.44 | Final price prior to LEVEL outcome |
| August 10 close | $1.375 | Down 89.8% from August 7 |
| ADAR1 average cost | $1.7684 | Roughly $1.81 million put in |
| August 25 close | $2.37 | Gained 27.84% Tuesday |
The recovery is modest compared to the previous decline. TENX continues to trade 82.4% beneath its August 7 closing level, prior to the release of underwhelming Phase 3 results by the company.
The LEVEL study did not achieve its main endpoint for the six-minute walk test. It also failed to meet the principal secondary endpoint on symptom scores Tenax trial results.
A prespecified subgroup with a baseline walk distance below the median showed an improvement of 26.3 meters compared to placebo. The nominal p-value came in at 0.0112. However, Tenax warned that results from subgroup analyses are not sufficient to confirm efficacy.
The total population experienced a 49% larger decrease in NT-proBNP. Right-ventricular systolic pressure dropped by 3.5 mmHg compared with placebo.
Tenax will soon undergo a clear short-term challenge, as the company is set to unveil late-breaking LEVEL trial findings at the European Society of Cardiology Congress on August 29 at 11:15 CEST presentation notice.
Tenax reported cash holdings of $117.98 million at the end of June, surpassing the approximately $88.7 million equity value based on 37.42 million shares and Tuesday’s closing price.
The balance sheet provides time, but not assurance. Research expenditure in the second quarter climbed to $12.85 million, more than twice the previous level, as the net loss increased to $17.80 million Tenax Form 10-Q.
| Firm | Latest action | Target |
|---|---|---|
| Chardan | Downgrades to Neutral from Buy | $5 cut from $27 |
| Canaccord Genuity | Buy rating reiterated | $4 reduced from $35 |
| Guggenheim | Buy stance retained | $4 lowered from $40 |
| Evercore ISI | Moves to In-Line from Outperform | $5 reduced from $39 |
The August 11 updates came after the trial results and significantly reduced valuation expectations. The lowest revised target, at $4, remains 69% higher than Tuesday’s closing price analyst actions.
Risks: The insider buy does not alter the outcome of the missed primary endpoint. Regulatory bodies could decline a filing that relies on subgroup analysis, further studies may use up more cash, and a larger share count may increase both dilution and volatility.
Tuesday’s action reflects confidence in having options, rather than signaling a clinical turnaround. The outcome of the August 29 presentation and an upcoming FDA Type C meeting will decide if that flexibility withstands further examination.
