TENX Shareholder Alert: Tenax Therapeutics, Inc. Securities Class Action Lawsuit - Investors Should Contact SueWallSt

Guggenheim Securities cut its Tenax price target 90%, and two other firms downgraded TENX, after the Phase 3 LEVEL trial of TNX-103 failed. The lawsuit claims this study was wrongly promoted to investors as "derisked."

NEW YORK, Nov. 10, 2026 (GLOBE NEWSWIRE) -- SueWallSt tracks the Tenax analyst downgrade cycle on Wall Street for investors in Tenax Therapeutics, Inc. (NASDAQ: TENX), where a securities class action was filed on behalf of purchasers between November 13, 2023 and August 7, 2026. Find out if you could qualify to recover your losses. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

On August 11, 2026, Guggenheim Securities cut its TENX price target 90%, from $40 to $4, one day after the shares fell 89.77% to close at approximately $1.38. Evercore ISI and Chardan Research downgraded the stock and cut their targets from $39 and $27, respectively, to $5. LEAD PLAINTIFF DEADLINE: December 28, 2026.

Initial Analyst Optimism Before the LEVEL Readout

Before August 10, 2026, the four firms cited in the complaint carried TENX price targets between $26 and $40. Chardan rated the shares Buy, and Evercore ISI had them at Outperform. Every one of those targets sat well above where the stock traded ahead of the readout.

The complaint alleges that during this same stretch, Company statements overstated TNX-103's efficacy and its clinical, regulatory, and commercial prospects.

The Tenax Analyst Downgrade Wave on Wall Street

Coverage indicated a reversal that unfolded within roughly 24 hours of the topline results:

• Guggenheim Securities, August 11, 2026: The firm cut its target 90%, from $40 to $4. It wrote that "many questions remain" and cited lower probability-of-success, addressable market, and penetration forecasts.
• Chardan Research, August 11, 2026: The firm downgraded the stock from Buy to Neutral and cut its target roughly 81.5%, from $27 to $5. It said it would hold that rating until it sees "more data and a path forward for LEVEL-2."
• Evercore ISI, August 11, 2026: The firm downgraded the stock from Outperform to In Line and cut its target roughly 87.2%, from $39 to $5. Its "[h]eadline takeaway" was that "LEVEL failed in the overall population and path forward is less clear."
• Leerink Partners, August 11, 2026: The firm lowered its $26 target after making "significant revis[ions to] our model following the Ph3 LEVEL trial failure."
  
  

What the Downgrades Signal for TENX Shareholders

Analysts noted that their concerns went beyond a single missed endpoint. Chardan wrote that the results raise the possibility that TNX-103 is "not merely diluted in healthier patients but actively counterproductive." It described that risk as "a contraindication rather than a design flaw."

Leerink saw a possible path forward but said it would require several things:

• clarification of the subgroup data
• FDA/EMA feedback
• a LEVEL-2 trial that "would likely need [to] succeed with a p<0.01 to justify approval with a single trial"
  
  

"When analyst expectations are built on incomplete or allegedly misleading company disclosures, the corrections can be abrupt and costly. Here, four firms that had valued Tenax between $26 and $40 per share rewrote their models within a day of the LEVEL readout. Class Period purchasers deserve to know whether the prices they paid reflected TNX-103's actual clinical prospects." -- Joseph E. Levi, Esq.

The action contends that TENX traded at artificially inflated prices throughout the Class Period. It further contends that purchasers were damaged when the LEVEL results were reported.

Submit your information here or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the TENX Lawsuit

Q: How much did TENX stock drop? A: Shares fell approximately 89.77%, a decline of $12.06 per share. The drop followed the Company's disclosure that its Phase 3 LEVEL trial of TNX-103 did not meet its primary endpoint of improvement in 6-minute walk distance versus placebo, or its key secondary endpoint. Investors who purchased shares during the Class Period at allegedly inflated prices and suffered losses may be eligible to seek compensation.

Q: What specific misstatements does the TENX lawsuit allege? A: The complaint alleges that, during the Class Period, Tenax Therapeutics made materially false or misleading statements about the efficacy of TNX-103 and its clinical, regulatory, and commercial prospects. These statements included characterizations of its development approach as "derisked." When the LEVEL topline results were disclosed on August 10, 2026, the stock price declined sharply.

Q: When did Tenax Therapeutics allegedly mislead investors? A: The Class Period runs from November 13, 2023 to August 7, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.

Q: What do TENX investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What documents do I need to submit my information? A: You will need brokerage statements or trade confirmations showing purchase dates, share quantities, and prices paid. Include any subsequent sale dates and prices as well.

Q: What if I already sold my TENX shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution. Timing depends on the court schedule, case developments, and whether the matter is dismissed, settled, or litigated further.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171

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