Adar1 Capital Management disclosed a $1.81 million investment in Tenax Therapeutics, purchasing 1,025,867 common shares across three transactions on Aug. 20, 21 and 24 at weighted average prices of $1.7788, $1.7676 and $1.7542, respectively.
The New York-based hedge fund, which already held a 10% stake in the biopharmaceutical company, now owns 4,853,818 shares through private investment funds it manages. Tenax Therapeutics’ stock has declined 84% year-to-date to $1.85, reflecting investor concerns over clinical trial outcomes.
The purchases follow mixed analyst reactions to Tenax’s Phase 3 LEVEL trial results, which failed to meet primary endpoints in the six-minute walk test and showed no benefit on the Kansas City Cardiomyopathy Questionnaire. Guggenheim reduced its price target to $4 from $40 while maintaining a Buy rating, while William Blair downgraded the stock to Market Perform from Outperform.
Evercore ISI initiated coverage with an Outperform rating and a $39 price target, assigning a 50% probability of success to the company’s ongoing clinical trial in pulmonary hypertension associated with heart failure. Cantor Fitzgerald reiterated an Overweight rating with a $35 target. Tenax has scheduled a presentation of its Phase 3 trial results at the European Society of Cardiology Congress in 2026.
