BiQ: Strong Rally for Tenax Therapeutics 03/10/26 (TENX)

Shares for Tenax Therapeutics (TENX) surged today by over 30% on heavy volume. While the company announced earnings that beat Wall Street estimates, I don't consider that to be very material. What was interesting, however, was that the company completed enrollment in the P3 LEVEL trial months earlier than expected, and expects top-line data by 2026 Q3. The company also expects to complete enrollment in LEVEL-2 by late 2027. Guggenheim raised its price target to $25 from $14 and named TENX a "Top Pick for 2026". William Blair and Leerink reiterated outperform ratings.

If data from the LEVEL trial are sufficiently strong, the company could file an NDA for Accelerated Approval as early as mid-to-late 2027, assuming LEVEL-2 enrollment proceeds as expected. However, I think it's more prudent to expect a potential NDA filing in 2028, after the completion of LEVEL-2.

I have a meaningful position in TENX, but was hoping to add more shares as we get closer to critical milestones. However, I don't plan to chase it here. Top-line data from the LEVEL trial will be a key catalyst in Q3, but should be regarded as a very binary event.

I am long TENX shares in my personal portfolio. TENX is not included in the BiQ Active Portfolio.

TENX share price at time of publication: $14.51
BiQ ACB: $6.94

Please note that the BiQ ACB includes any open options positions, which are accounted for using a "worst case scenario" assumption, plus trading profits (and losses) around my core position.

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