Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) shares experienced a significant pullback, closing 14.61% lower at 38 cents, following a remarkable 60% surge on Monday in response to the company’s second-quarter earnings report.
The company recently launched a Phase 2 trial of TNX-1300, designed to treat acute cocaine intoxication by rapidly breaking down cocaine in the body. The study, with support from NIDA and designated as FDA Breakthrough Therapy, aims to evaluate TNX-1300’s safety and efficacy in 60 patients across six U.S. emergency departments, primarily focusing on reducing systolic blood pressure within 60 minutes post-treatment.
Regarding earnings, Tonix Pharmaceuticals reported a GAAP EPS loss of $19.28, lower than the anticipated $3.27 loss, with sales of $2.208 million, missing the expected $3.500 million. The company made progress on its TNX-801 vaccine candidate, aiming to prevent mpox and smallpox, showcasing promising preclinical data protection against lethal mpox infection.
The World Health Organization’s recent declaration of mpox as a global public health emergency underscores the significance of thwarting its spread, validating the importance of TNX-801. The company’s manufacturing facility is equipped to produce TNX-801 swiftly in response to any national or international emergencies.
Investors contemplating whether to sell TNXP stock should consider their investment strategy and risk tolerance. Swing traders might capitalize on gains by selling, while long-term investors may hold onto the stock for potential growth. Market dynamics, indicated by an RSI of 36.33, suggest neutral conditions for Tonix Pharmaceuticals.
With a 52-week high at $32.32 and a low of 37 cents, TNXP’s performance remains volatile. Investors should conduct thorough analysis and consider various perspectives before making decisions amid fluctuating market conditions. Staying informed and utilizing tools like Benzinga PRO for comprehensive insights is crucial for navigating the dynamic landscape of pharmaceutical investments.
