Tenax Therapeutics (TENX) PT Raised to $25 at Guggenheim

Guggenheim analyst Seamus Fernandez raised the price target on Tenax Therapeutics (NASDAQ: TENX) to $25.00 (from $14.00) while maintaining a Buy rating.

The analyst commented: "We are reiterating TENX as a Top Pick for 2026 as we near its first pivotal readout (LEVEL) for oral levosimendan (TNX-103) in PH-HFpEF in 2H26. There has been increased attention to PH-HFpEF - which currently has no approved treatments - in the wake of competitor readouts including Ph2 data from MRK's sotatercept (CADENCE) and Ph1 data from TECX's TX45. However, we remind investors that TENX is not only the only co in Phase 3, but it is targeting the broad PH-HFpEF pt population which we estimate to be >1M pts in the US alone vs MRK's ~50K eligible pt pop with the CADENCE inclusion criteria (we note MRK is up +8.9%, or ~$18B in MC, since the CADENCE topline on 11/18 vs +3.7% for the DRG; or up 3.8%, ~$9B in MC, on the day of the CADENCE news vs. 0.2% DRG). The proposed MoA of levosimendan is unique in its ability to not only potentially enhance the heart's function but also its ability to relax veins, which may offer more effective symptom relief. We are encouraged by the continued positive feedback from KOLs who have first hand experience with levo in PH-HFpEF, including recent commentary during TENX's virtual KOL call from one of the highest enrollers in Ph2 HELP and Ph3 LEVEL that the "effects that we're seeing, that the patients are telling us, are really, really impressive." TENX has enough capital to execute its primary Phase 3 (LEVEL) and initiate its second Phase 3 (LEVEL 2) by YE25 and we reiterate our designation of TENX as a Top Pick based on our belief that oral levosimendan is well positioned to be the first approved therapy for PH-HFpEF and unlock a TAM of >1M pts in the US alone. We increase our PT to $25 (from $14 prior)."

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