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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on TNXP:
- Tonix Pharmaceuticals Announces Registered Direct Offering of up to $144 Million
- Tonix Pharmaceuticals reports Phase 3 RESILIENT study met primary endpoint
- Tonix Pharmaceuticals Announces Highly Statistically Significant and Clinically Meaningful Topline Results in Second Positive Phase 3 Clinical Trial of TNX-102 SL for the Management of Fibromyalgia
- Tonix Pharmaceuticals trading halted, news pending
- Tonix Pharmaceuticals to Present at The National Academies Committee on the Current State of Research, Development, and Stockpiling of Smallpox Medical Countermeasures Public Meeting