Tonix Pharmaceuticals (NASDAQ:TNXP) Now Covered by Canaccord Genuity Group

Stock analysts at Canaccord Genuity Group started coverage on shares of Tonix Pharmaceuticals (NASDAQ:TNXP) in a research note issued to investors on Monday, Briefing.com reports. The brokerage set a “buy” rating and a $18.00 price target on the stock. Canaccord Genuity Group‘s price objective points to a potential upside of 248.16% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. Wall Street Zen raised Tonix Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. Raymond James Financial restated a “strong-buy” rating on shares of Tonix Pharmaceuticals in a research report on Tuesday, October 20th. Finally, Weiss Ratings lowered Tonix Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $22.33.

Tonix Pharmaceuticals Price Performance

TNXP stock opened at $5.17 on Monday. The stock has a market capitalization of $88.67 million, a P/E ratio of -0.40 and a beta of 1.78. The firm has a 50-day simple moving average of $10.28 and a 200-day simple moving average of $11.64. Tonix Pharmaceuticals has a 52 week low of $5.01 and a 52 week high of $20.58.

Tonix Pharmaceuticals (NASDAQ:TNXP) last released its quarterly earnings results on Monday, August 10th. The company reported ($2.44) earnings per share for the quarter, topping the consensus estimate of ($2.64) by $0.20. Tonix Pharmaceuticals had a negative net margin of 548.64% and a negative return on equity of 68.99%. The firm had revenue of $13.54 million during the quarter, compared to the consensus estimate of $7.72 million. On average, analysts expect that Tonix Pharmaceuticals will post -9.90 earnings per share for the current year.

Insider Transactions at Tonix Pharmaceuticals

In related news, CEO Seth Lederman acquired 2,000 shares of Tonix Pharmaceuticals stock in a transaction that occurred on Thursday, August 27th. The shares were purchased at an average cost of $13.79 per share, for a total transaction of $27,580.00. Following the acquisition, the chief executive officer owned 11,005 shares in the company, valued at approximately $151,758.95. This represents a 22.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in Tonix Pharmaceuticals by 26.4% during the 1st quarter. Bank of New York Mellon Corp now owns 30,426 shares of the company’s stock valued at $418,000 after acquiring an additional 6,362 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Tonix Pharmaceuticals in the 2nd quarter valued at about $92,000. SJS Investment Consulting Inc. purchased a new stake in Tonix Pharmaceuticals during the first quarter worth about $138,000. Great Lakes Advisors LLC purchased a new stake in Tonix Pharmaceuticals during the second quarter worth about $303,000. Finally, Bank of America Corp DE increased its stake in Tonix Pharmaceuticals by 101.1% during the first quarter. Bank of America Corp DE now owns 60,958 shares of the company’s stock worth $838,000 after purchasing an additional 30,644 shares during the period. Hedge funds and other institutional investors own 82.26% of the company’s stock.

Tonix Pharmaceuticals Company Profile

Tonix Pharmaceuticals Holding Corp. is a clinical-stage biopharmaceutical company focused on developing therapies for conditions involving the central nervous system, immunology and infectious diseases. The company’s research programs are designed to address disorders with significant unmet medical needs, including chronic pain, neuropsychiatric conditions and infectious diseases.

Tonix’s pipeline has included TNX-102 SL, an investigational sublingual formulation of cyclobenzaprine being studied for fibromyalgia and other pain-related conditions.