UPDATE: MLV Initiates Coverage On Tenax Therapeutics

Analysts at MLV & Co on Tuesday initiated coverage of Tenax Therapeutics Inc TENX with a Buy rating and $7 price target. Tenax is a biotechnology company that focuses on localized oxygen delivery.

Levosimendan

Tenax is currently undergoing Phase III trials of its drug levosimendan, which is a calcium sensitizer. Levosimendan is currently being tested for its efficacy in treating cardiac surgery patients at risk of developing Low Cardiac Output Syndrome (LOCS). The United States Food and Drug Administration recently granted Fast Track status for levosimendan, and Tenax enrolled their first patient in the Phase III study in September. The FDA has indicated that a single successful trial will be sufficient for approval of levosimendan.

Winning Over Analysts

MLV’s initiation of Tenax at Buy is not the first attention that Tenax has received from analysts lately. In November, WallachBeth Capital initiated coverage of Tenax by issuing a Buy rating with a $12 price target.

Huge Upside Potential

Shares were last trading at $3.79, down 1.3 percent.

MLV’s $7.00 price target represents an 82.3 percent upside for the stock from current levels. WallachBeth’s $12 target represents an astounding 212.5 percent upside.

Under its previous name, Oxygen Biotherapeutics, Tenex stock peaked at around $7.50 in March of 2014, but has consistently fallen since. The stock is now down over 15 percent year-to-date.

Tenax will hold a conference call and live webcast on December 17 to provide a corporate update and discuss financial results.