Tenon Medical (NASDAQ:TNON) stock is taking off on Wednesday morning despite a lack of news from the medical device company.
Instead, it looks like heavy trading is behind the rally for TNON stock today. As of this writing, more than 2.7 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is closer to about 35,000 shares.
There have been no recent press releases from Tenon Medical that explain the interest in TNON stock today. Likewise, there are no recent U.S. Securities and Exchange Commission (SEC) filings to explain the increase in price today.
However, investors will note that TNON stock is a penny stock. That comes from its trading price of under $1, as well as its market capitalization of $11.124 million as of this writing. Both of these factors mean the company is susceptible to volatility with heavy trading.
What Is Tenon Medical?
Tenon Medical is a medical device company focused on the development of sacroiliac joint surgical solutions. The company was founded in 2012 and operates out of California. Shares of TNON stock started trading publicly via an initial public offering ( ) in April 2022.
TNON stock is up 69.7% in pre-market trading on Wednesday!
There’s more stock market news traders will want to know about below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.