ADAR1 Capital Management, LLC, a 10%+ owner of Tenax Therapeutics, Inc. (TENX), disclosed another open-market purchase of the company’s stock in a Form 4 filing. On September 3, 2026, the investment firm bought 900,000 shares at $1.78 apiece, a transaction worth $1,604,160.00. Following the purchase, ADAR1 holds 6,524,151 shares indirectly, through a trust or affiliated entity structure.
This is not an isolated move. The September 3 purchase is the latest in a string of five open-market buys by ADAR1 between August 24 and September 3, 2026, which together total $3,174,265 in TENX stock. Our system flags this pattern as a cluster buy, a classification reserved for cases where an insider makes repeated purchases over a short window rather than a single one-off trade.
A Pattern Building Since Late August
ADAR1’s buying activity in TENX first appeared on this site in late August, when the firm added shares in a smaller transaction. That earlier purchase, detailed in our prior coverage ADAR1 Capital Buys $188K More TENX Shares in Cluster Buy, was the opening entry in what has become a ten-day sequence of accumulation. Each subsequent filing has added to the running total, culminating in the $1.6 million purchase disclosed for September 3.
Across the five transactions, ADAR1 has committed over $3.17 million of its own capital to acquiring TENX shares in the open market, a detail that distinguishes this activity from option exercises, grants, or other forms of equity compensation that do not involve a direct cash outlay by the insider.
Academic research on insider trading has found that clustered buying, meaning multiple insiders or repeated purchases from the same insider within a short timeframe, tends to correlate with above-average stock performance in the periods that follow, though the relationship is statistical and does not hold in every individual case. This filing is being reported strictly as a disclosure of activity that has occurred, not as a signal to take any action with respect to TENX shares.
As a 10%+ owner, ADAR1 Capital Management’s transactions are subject to the same Section 16 reporting requirements as company officers and directors, meaning further purchases or sales, should they occur, would also become part of the public record. Investors and observers tracking Tenax Therapeutics may want to watch whether this cluster extends further or marks the conclusion of ADAR1’s recent buying activity.
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Source: original SEC Form 4 filing.