Alliance Global Partners lowered the firm’s price target on Tonix Pharmaceuticals to $6 from $8 and keeps a Buy rating on the shares. The firm cites the failure of TNX-1900 in Phase 2 trials as well as the additional shares expected to be outstanding due to a recent $30M raise for its lowered target. The firm values Tonix on a sum-of-the-parts, noting that TNX-102 SL for fibromyalgia is valued at $3.75 per share.
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