Shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) are trading significantly higher this afternoon as traders and investors look towards future catalysts as well as recent technical data. The stock started the day with a bang, moving up about $0.20 within the first 15 minutes of trading. Shares then levelled out until approximately 1 p.m. ET when a surge in volume came in sending the stock up another $0.49 within 90 minutes. Without any major news coming from the company, today’s surge in share price seems to be based mainly on Cantor Firzgerald’s reaffirmed ‘buy’ rating and $18 price target for the stock, as well as the technicals behind the trading of shares.
It will be inetresting to watch Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) over the remaining hour of trading today to see if the uptrend continues or if profit taking brings the stock down a bit before the close. The stock is up 6.31% or $0.45 following the news, hitting $7.58 per share. About 123,357 shares traded hands or up 37.53% from the average. TNXP has risen 2.59% since May 26, 2015 and is currently uptrending. It has outperformed the S&P500 by 4.86%.
Tonix Pharmaceuticals Holding Corp., a clinical-stage pharmaceutical company, focuses on the identification and development of pharmaceutical products for the disorders of central nervous system in the United States. The company develops TNX-102 SL, a sublingual tablet formulation, which is in Phase 3 clinical development stage for the treatment of fibromyalgia; and Phase 2 clinical development stage for the treatment of post-traumatic stress disorder. It is also involved in the development of TNX-201, an oral formulation of (R)-isometheptene mucate for the treatment of episodic tension-type headache, which is in Phase 2 clinical development stage. In addition, the company has a pipeline of various other product candidates, including TNX-301, a fixed dose combination drug product for the treatment of alcohol abuse and dependence. Tonix Pharmaceuticals Holding Corp. was founded in 2007 and is headquartered in New York, New York.