Why Tenon Medical (TNON) Stock Is Skyrocketing Today

Health care stocks rose late Wednesday afternoon with the NYSE Health Care Index up 0.3% and the Health Care Select Sector SPDR Fund (XLV) gaining 0.4%.

The iShares Biotechnology ETF (IBB) rose 1.4%.

In corporate news, Aldeyra Therapeutics shares soared 47% after the company said it signed an exclusive option agreement with AbbVie (ABBV) to acquire separate licenses to develop, manufacture and commercialize reproxalap in and outside the US.

Silence Therapeutics (SLN) jumped 28%. The company reported "positive" topline results from the multiple dose component of the phase 1 study of zerlasiran in 36 adults with high baseline lipoprotein(a) levels and stable atherosclerotic cardiovascular disease.

Tenon Medical shares slumped 39% after the company said it will implement a 1-for-10 reverse stock split to regain compliance with Nasdaq's minimum closing price requirement for continued listing.

BioSig Technologies shares surged 33% after the company said the US Patent and Trademark Office awarded five new utility patents covering its digital signal processing technology.

Health care stocks were lower Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each down around 0.1%.

The iShares Biotechnology ETF (IBB) rose 0.4%.

In company news, Tenon Medical (c) shares slumped about 24% after the company said it will implement a 1-for-10 reverse stock split to regain compliance with Nasdaq's minimum closing price requirement for continued listing.

BioSig Technologies surged 35% after it said Wednesday that the US Patent and Trademark Office has awarded five new utility patents covering its digital signal processing technology.

Sotera Health gained almost 13% after the company reported Q3 adjusted earnings of $0.21 per diluted share, down from $0.23 a year earlier. Analysts polled by Capital IQ expected $0.20.

Tenon Medical said Wednesday it will implement a one-for-10 reverse stock split to regain compliance with Nasdaq's minimum average closing price requirement for continued listing.

The company said its common stock is expected to start trading on a split-adjusted basis on Nov. 2.

Tenon Medical shares fell past 22% in recent Wednesday trading.

Health care stocks were rising late Monday afternoon, with the NYSE Health Care Index adding 0.9% and the Health Care Select Sector SPDR Fund (XLV) up 0.7%.

The iShares Biotechnology ETF (IBB) was climbing 0.7%.

In corporate news, Pfizer and BioNTech said Monday the US Food and Drug Administration has approved its supplemental biologics license application for their updated COVID-19 vaccine targeting the Omicron XBB.1.5 sublineage for individuals 12 years of age and older. Pfizer shares were down 0.9% while BioNTech was shedding 1.9%.

Crinetics Pharmaceuticals shares jumped almost 62% after the company said a phase 3 trial of its paltusotine drug candidate for acromegaly, a hormonal disorder that causes swelling of the hands and feet, met its primary and secondary endpoints.

Zynex said Monday that its boar approved a $10 million stock-repurchase program that will begin Wednesday and end on Sept. 12, 2024, or when the $10 million limit is reached. Its shares added more than 8%.

Tenon Medical was down almost 40% after the company said it kicked off a public offering of its shares.

It’s time for another dive into the biggest pre-market stock movers as investors get ready to trade shares on Wednesday!

Moving stocks this morning are clinical trial data, public share offerings, an earnings report, and more.

Let’s get into this news below!

Pre-Market Stock Movers: 10 Top Gainers

• Cyxtera Technologies stock is rocketing more than 113% alongside its ongoing bankruptcy.
• WiSA Technologies shares are surging close to 66% after it started taking pre-orders for its WiSA E development kits yesterday.
• NightHawk Biosciences stock is soaring over 36% with heavy pre-market trading.
• Inventiva shares are rising nearly 27% alongside positive results from a Phase II clinical trial.
• Oncorus stock is gaining more than 23% with extremely heavy trading on Wednesday morning.
• Agile Therapeutics shares are increasing over 19% after announcing a new agreement with vitaCare.
• T2 Biosystems stock is heading more than 18% higher following an update on shares owned by John Markey.
• Beamr Imaging shares are getting an over 16% boost without any obvious news this morning.
• Kuke Music stock is jumping more than 16% following a delisting notice.
• Better Choice shares are up over 14% without any recent news.

10 Top Losers

• Eastside Distilling stock is plummeting 31% after announcing a plan to trade $6.2 million of its debt for equity.
• Cineverse shares are diving more than 28% after announcing a proposed public offering.
• Advanced Health stock is tumbling over 22% as shares continue recent negative movement.
• Coeptis Therapeutics shares are taking more than 21% beating after switching to the Nasdaq Capital Market yesterday.
• Tenon Medical stock is falling 21% alongside a public share offering.
• OLB Group shares are sliding almost 17% following a rally yesterday.
• Wheeler Real Estate IT stock is decreasing over 15% alongside activist investor activity.
• IperionX shares are dropping more than 15% after rallying yesterday on a deal with Ford .
• Iteris stock is slipping over 12% with the release of its latest earnings report.
• Nemaura Medical shares close out our pre-market stock movers down more than 12%.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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