Shares of Tenax Therapeutics rose nearly 13% in Tuesday's pre-market session.
Adar1 Capital Management disclosed the purchase of over $1.8 million in company stock. The investment firm acquired more than 1 million shares at an average price of $1.77.
Adar1 now holds a total stake exceeding 4.7 million shares. The Austin-based manager maintains an ownership position of more than 10%.
This investment follows a significant stock decline triggered by a late-stage trial setback earlier this month.