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On Monday, Leerink Partners showed increased confidence in Tenax Therapeutics (NASDAQ:TENX), as analyst David Risinger raised the price target on the stock from $16.00 to $20.00, while maintaining an Outperform rating. According to InvestingPro data, analyst targets for TENX currently range from $7 to $30, with the stock trading at $6.19. The company has shown strong momentum, posting an 8.79% return over the past week. The reassessment comes following positive developments in the company’s Phase 3 trial for oral levosimendan (TNX-103) in patients with pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF).
The Tenax trial, which began enrolling patients in early 2024, has demonstrated notable patient adherence rates throughout its course. According to a press release issued by Tenax on March 5, 2025, over 95% of patients who were randomized have stayed on therapy. The company, currently valued at $21.1 million, maintains a strong financial position with InvestingPro reporting a healthy current ratio of 38.95, indicating robust liquidity to support its clinical programs. Additionally, the same high percentage of participants who completed the initial 12 weeks chose to enter the open-label extension (OLE) phase, and have continued their participation.
Risinger’s optimism is rooted in the belief that the high patient persistence rates signal that patients are likely experiencing benefits from the treatment. The analyst suggests that those on the drug are feeling better and are thus keen to continue, while those on placebo during the randomized phase are eager to have the opportunity to receive the drug in the OLE.
The heightened patient adherence has led Risinger to increase the probability of success for the trial from 30% to 50%. This adjustment has been factored into a revised model, which underpins the new $20.00 price target. With a beta of 2.19, investors should note the stock’s higher volatility compared to the market. The market awaits the top-line results of the Phase 3 LEVEL trial, which are expected to be announced in mid-2026. For deeper insights into TENX’s financial health and additional analysis, InvestingPro subscribers can access 13 more exclusive ProTips and comprehensive financial metrics.
Leerink’s reiteration of the Outperform rating on TENX shares reflects a positive outlook for the stock, as the firm anticipates the ongoing trial could potentially meet its endpoints and deliver value to shareholders.
In other recent news, Tenax Therapeutics has secured approximately $25 million through a private placement financing agreement with RTW Investments. The deal involves the issuance of common stock and pre-funded warrants, with the proceeds intended to support the company’s Phase 3 clinical trials, working capital, and other corporate purposes. This transaction is expected to close following customary conditions, with Leerink Partners as the lead placement agent. Additionally, Tenax Therapeutics has appointed Gillian Andor as Vice President of Clinical Operations. Andor brings over 20 years of experience in clinical operations and will oversee the company’s ongoing Phase 3 program for oral levosimendan. Her appointment is seen as significant as the company advances its clinical trials. In connection with her new role, Andor received an equity award with options to purchase shares, which will vest over four years. These developments reflect Tenax Therapeutics’ strategic focus on advancing its clinical programs.
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