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Investing.com - Piper Sandler initiated coverage on Tenax Therapeutics (NASDAQ:TENX) with an Overweight rating and a $20.00 price target on Monday. The stock, which has gained over 60% in the past year according to InvestingPro data, currently trades at $6.00.
The research firm highlighted Tenax’s development of TNX-103, an oral levosimendan treatment for Group 2 PH-HFpEF (pulmonary hypertension with heart failure with preserved ejection fraction), with Phase 3 LEVEL trial results expected in the second half of 2026.
Piper Sandler described Tenax as a small market cap company of approximately $240 million that is "flying under the radar" despite addressing a condition projected to affect approximately 2.2-3.7 million U.S. patients by 2030.
The firm considers TNX-103 "de-risked for continued success" based on compelling Phase 2 HELP study data and IV-to-oral open-label extension results, noting the drug’s unique mechanism as a dual K+ ATP channel activator and calcium sensitizer.
Piper Sandler expects the Phase 3 LEVEL trial results in the second half of 2026 to serve as a "key stock moving catalyst" for Tenax shares.
In other recent news, Tenax Therapeutics reported a delay in its LEVEL clinical trial timeline, which was highlighted in its second-quarter 2025 earnings report. The company now anticipates completing enrollment of 230 patients for the trial in the first half of 2026, a shift from the previously targeted year-end 2025. This development prompted Guggenheim to adjust its price target for Tenax Therapeutics, lowering it from $15.00 to $14.00, though the firm maintained its Buy rating on the stock. These updates reflect ongoing changes in Tenax’s clinical trial schedule, which are important for investors to consider. The adjustments in the trial timeline and price target indicate the dynamic nature of the company’s current operations. Guggenheim’s continued Buy rating suggests confidence in Tenax’s long-term potential despite the delay.
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