TENX - Biotech stock Tenax Therapeutics more than doubled on Tuesday

2024-02-06 10:01:21 ET

Tenax Therapeutic Inc (NASDAQ: TENX) opened nearly 150% up this morning after receiving approval for a patent application.

Tenax Therapeutics stock rallies ahead of earnings

The U.S. Patent and Trademark Office accepted its patent application for levosimendan – its candidate treatment for pulmonary hypertension in patients of heart failure. Chris Giordano – the chief executive of Tenax Therapeutics said in a press release today:

The patent will significantly broaden our existing IP claims, including coverage of expanded dose ranges and the combination of levosimendan and other drugs for use in PH-HFpEF.

The news arrives only days before the biotech firm is scheduled to report its financial results for the fourth quarter. Consensus is for it to lose $8.4 a share in Q4.

Analysts at Roth MKM currently have a “buy” rating n Tenax Therapeutics stock.

FDA cleared levosimendan in November

Note that Tenax Therapeutics is currently testing levosimendan in a late-stage trial of heart failure patients attempting to boost their walking ability. CEO Giordano also said on Tuesday:

“This provides additional rationale for the future development of various drug-drug combinations with levosimendan.”

The U.S. FDA (Food & Drug Administration) had cleared the pharma company’s Investigational New Drug Application for levosimendan (TNX-103) in November of 2023. Then at the start of the new year, Tenax Therapeutics stock went through a 1-for-80 reverse split to remain listed on Nasdaq.

Despite the rally this morning, the biotech stock is still down over 50% versus its high some three months ago.

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