Adar1 Capital Management disclosed purchases of 1,025,867 Tenax Therapeutics shares between August 20-24, 2026, at weighted average prices ranging from $1.7542 to $1.7788 per share, totaling approximately $1.81 million.
The transactions increased Adar1’s beneficial holdings in Tenax to 4,853,818 shares, maintaining its 10% ownership and director position. The purchases occurred as Tenax’s stock traded near $1.85, down 84% year-to-date amid ongoing clinical challenges.
The biopharmaceutical company’s Phase 3 LEVEL study failed to meet primary endpoints in both the six-minute walk test and Kansas City Cardiomyopathy Questionnaire, with results slated for presentation at the European Society of Cardiology Congress in 2026. Analysts responded swiftly to the setback, with Guggenheim cutting its price target from $40 to $4 while retaining a buy rating. William Blair downgraded Tenax to Market Perform, citing the missed primary endpoint.
Evercore ISI initiated coverage with an Outperform rating and a $39 price target, assigning a 50% probability of success to the company’s ongoing pulmonary hypertension trial. Cantor Fitzgerald maintained an above-average rating with a $35 target, noting renewed investor interest despite the trial’s outcome.
