Tenax Therapeutics

TENX · NASDAQ

$1.63−$0.01 (−0.61%)TodayMarket closed · Oct 21, 4:01 AM ET

Prev close $1.64

TENX analyst rating

BuyConsensus of 8 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy4
Hold4
Underperform0
Sell0

12-month price target · 10 analysts

Average $9.82 (+502.3% upside)

Low: $4.04
Now: $1.63
High: $36.75

Upgrades and downgrades

The latest rating actions, newest first

TENX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Guggenheim	Aug 31, 2026	Downgrade	Buy → Neutral	—	57%
Chardan Capital	Aug 11, 2026	Downgrade	Buy → Neutral	$27.00 → $5.00	0%
Canaccord Genuity	Aug 11, 2026	Maintains	Buy	$35.00 → $4.00	100%
Guggenheim	Aug 11, 2026	Maintains	Buy	$40.00 → $4.00	57%
Evercore ISI Group	Aug 11, 2026	Downgrade	Outperform → In-Line	$39.00 → $5.00	42%
William Blair	Aug 10, 2026	Downgrade	Outperform → Market Perform	—	35%
Chardan Capital	Jul 31, 2026	Maintains	Buy	$27.00	0%
Cantor Fitzgerald	Jul 29, 2026	Maintains	Overweight	$35.00	25%
Canaccord Genuity	Jul 28, 2026	Initiates	Buy	$35.00	41%
Evercore ISI Group	Jul 22, 2026	Initiates	Outperform	$39.00	42%

The case for and against

Updated Oct 21, 2026

Bull case

Tenax Therapeutics is viewed positively because its phase three focus on levosimendan targets pulmonary hypertension, a setting with high unmet need where even modest signals could matter clinically. Despite the uncertainty around the 6MWT result, the subgroup benefit in patients below the median baseline 6MWT, the -49% NT-proBNP reduction versus placebo, and the company’s planned Type C meeting suggest there may still be a viable path forward in sicker patients. The outlook also reflects disciplined valuation assumptions, including a DCF using an 11% WACC, lower probability of success, and reduced TAM and penetration, while the updated $40,000 annual WAC supports meaningful commercial upside if development progresses.

Bear case

Tenax Therapeutics is burdened by a weak clinical and regulatory profile, as the LEVEL phase III study missed its primary endpoint and key secondary endpoints, with 6MWD showing only a 3.5m treatment difference versus placebo at Week 12 and a p-value of 0.63. The failed Phase 2 HELP premise, coupled with uncertainty over whether the FDA will accept the two-trial path after the miss and the need for statistically significant data that clears a stringent threshold, makes approval materially harder to achieve. Even with IP protection into 2040, the stock faces meaningful downside from trial delays, possible regulatory disagreement, and competitive pressure from sotatercept and relaxin.

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