Will Tonix Pharmaceuticals (NASDAQ:TNXP) Stock Move Back To a New Low?
Shares of Tonix Pharmaceuticals (NASDAQ:TNXP), a company based in New York City and focusing on repurposed drugs for central nervous system, plummeted by 28.50% on July 26, 2021. This comes after the firm had confirmed on 23rd July that it will be putting on hold enrolment in late-stage clinical study assessing TNX-102 SL for treating fibromyalgia.
The decision comes post Independent Data Monitoring Committee assessment study stating that the drug may not provide much improvement. The committee suggested that TNX-102 SL may not result in clinical improvement for patients with fibromyalgia.
CEO Seth Lederman said it took the firm by surprise on the findings especially considering that TNX-102 SL met the primary endpoint of a previous late-stage study. Tonix lead pipeline candidate, TNX-102 SL, is important to the firm’s revenues. It is hoping that the drug can treat post-traumatic stress disorder-related sleep disturbance, alcohol use disorder and agitation in patients with Alzheimer’s disease.
Tonixisn’t stepping back despite the update on TNX-102 SL and aims to go ahead with the late-stage study aiming at patients who are currently enrolled. The company’s top-line results will be coming out by the fourth quarter and the firm will decide on next steps after that.
Portfolio of Tonic Pharmaceuticals includes TNX-102 SL, TNX-601, TNX-801, and TNX-1800.
Market Reaction:
On Monday, TNXP stock slumped 28.50% at $0.70 with more than 37.44 million shares, compared to its average volume of 10 million shares. The stock has moved within a range of $0.6600 – 0.8021 after opening the trade at $0.6745. Over the past 52-week, the stock has been trading within a range of $0.5100 – 2.1200.
