While the vast majority of our stories are related to breaking news, today’s action in shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) may have more to do with the lack of news. The stock is trading down significantly this afternoon without any major news to spark this decline. While the price action likely has more to do with technicals than the company’s fundamentals, it’s also possible that a lack of a major catalyst may be the cause of today’s price decline as the overall market also sells off.
Shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) are down over 33% in the last six trading days alone as the stock hit a brand new 52-week low today. After starting off the new year relatively flat, the stock began to fall on January 5th and never turned back. The stock is down 12.90% or $0.77 following the news, hitting $5.2 per share. About 254,200 shares traded hands or 105.33% up from the average. TNXP has declined 28.93% since June 9, 2015 and is downtrending. It has underperformed the S&P500 by 21.44%.
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.