Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) Stock is All Set To Gap-Up

Premarket trading period action can often provide investors with an idea about the direction of the market and this morning. This morning, it is likely that investors are going to look into the Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) stock a bit more closely.

Market Stats

On Monday, TNXP stock moved up 1.60% at $0.5569 with more than 16.26 million shares, compared to its average volume of 12.83 million shares. The stock has moved within a range of $0.5490 – 0.5684 after opening the trade at $0.5501. Moreover, the stock is up another 8% in the pre-market session on heavy volume.

Positive Results from Phase 3

The clinical stage biopharmaceutical company has come into sharp focus among investors in premarket trading period and managed to close gains of as much as 8% in the process. Yesterday, the company provided an oral presentation with regards to the findings from the positive results from the Phase 3 study of its product TNX 102.

The product in question is meant for managing the condition fibromyalgia. Anyone who is interested in taking a look at the presentation made by the company could do well to take a look at the company website.

The Chief Medical Officer of the company, Dr Gregory Sullivan had made the presentation and it seems that it has led to a certain degree of excitement about the Tonix stock among investors. At this point in time, it might be a good idea to put the stock in your watch lists and keep an eye on the price action.

Key Quote

“Results of the Phase 3 RELIEF trial demonstrated that TNX-102 SL had broad syndromal effects across core fibromyalgia symptoms of widespread pain, fatigue, memory and sleep disturbance,” said Seth Lederman, M.D., President and Chief Executive Officer. “The positive Phase 3 RELIEF study achieved statistical significance on the primary endpoint in December, 2020. We had started a second Phase 3 study, RALLY in September 2020. Based on disappointing efficacy results at the interim analysis of RALLY in July 2021, we stopped enrolling new participants. Topline results from RALLY are expected before year end. The Company will determine the next steps in this program based on analysis of the RALLY data, which will include pharmacogenomic analyses of RALLY and RELIEF.”

Traders Corner

TNXP stock is trading below the 20-Day and 50-Day Moving averages of $0.57 and $0.60 respectively. Moreover, the stock is trading below 200-Day moving average of $0.98. The stock is down 20% in the past quarter.