Why Tenon Medical (TNON) Stock Is Skyrocketing Friday

Tenon Medical Inc TNON shares are trading higher by 21.3% to $6.10 during Friday’s session after the company announced the issuance of three notices of allowance for patent applications from the UPSTO.

What To Know: These patents cover innovations related to SI joint prostheses, including drug delivery systems that aids bone growth and new designs to address failed SI joint stabilizations. 

The company says the patents, expected to be granted within 90 days, will bolster Tenon Medical's patent portfolio, which includes nine previously issued U.S. and international patents, along with 26 pending applications.

What Else: According to Tenon Medical’s CTO Richard Ginn, the company’s growing intellectual property portfolio plays a key role in its strategy to expand the commercialization of its Catamaran SI Joint Fusion System. 

Tenon has also recently filed additional patent applications, supporting its efforts to offer improved solutions for SI joint stabilization.

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How To Buy TNON Stock

By now you're likely curious about how to participate in the market for Tenon Medical – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

According to data from Benzinga Pro, TNON has a 52-week high of $37.60 and a 52-week low of $2.80.