Croupier

Piper Sandler reiterated $TENX Overweight; $20 and said: We hosted TENX mgmt on the road for productive investor meetings in Boston and NYC as we head into TNX-103's highly anticipated 12-week Ph3 LEVEL PH-HFpEF topline in 3Q26. $TECX MRK AZN CYTK $MLYS TNYA Piper Sandler added—Speaking with mgmt, we walk away with continued strong conviction for PoS, where the bogey is to establish any stat sig separation vs placebo on the 6MWD primary endpoints given nothing else approved for these patients. We believe LEVEL is de-risked to drive substantial share-gains, where a positive readout should also further de-risk the 26-week Ph3 LEVEL-2 (and generate enthusiasm for enrollment, which is expected to finish by ~YE27 to enable potential 2H28 data). Our recent KOL asserted clear enthusiasm for TNX-103, which we think underscores its lucrative opportunity to broadly capture this massive, untapped PH-HFpEF market (~2.1M US patients). Altogether, we remain bullish on TENX and see compelling buying opportunity into this key, 3Q26 data.

$TENX low 12 next add and will be 75% size!

Incident in Bolton yesterday where a man walks into a shop and stabs the person sat down. The person who gets stabbed reacts quickly in self defence. In the end the attacker just sits down like nothing has happened.