Tonix Pharmaceuticals Holding Corp TNXP shares were trading lower Tuesday, closing down 14.61% at 38 cents. The stock is pulling back after gaining as much as 60% during Monday’s session after the company reported second-quarter financial results.
The company early Tuesday also said it initiated a Phase 2 trial of TNX-1300, a treatment for acute cocaine intoxication, aiming to rapidly degrade cocaine in the body.
The study, supported by NIDA and with FDA Breakthrough Therapy designation, will test the safety and effectiveness of TNX-1300 in 60 patients across six U.S. emergency departments. The primary focus is on reducing systolic blood pressure within 60 minutes after treatment.
What Happened With Earnings?
Tonix Pharmaceuticals reported a GAAP earnings per share (EPS) loss of $19.28, which was below the estimated loss of $3.27. Sales for the quarter were $2.208 million, missing the estimated $3.500 million.
Tonix Pharmaceuticals highlighted progress on its TNX-801 vaccine candidate, aimed at preventing mpox (formerly monkeypox) and smallpox. In June 2024, the company presented preclinical data showing that TNX-801, a live attenuated vaccine based on horsepox, effectively protected non-human primates from lethal mpox infection.
The vaccine demonstrated the ability to prevent clinical disease, reduce viral shedding and potentially block transmission.
This comes as the World Health Organization (WHO) recently declared mpox in Africa a public health emergency of international concern, with experts concerned about the spread of a new strain to the U.S.
Tonix says their manufacturing facility in Dartmouth, Massachusetts, is prepared to produce TNX-801 in response to any national or international emergencies.
Read Also: Lowe’s Q2 EPS Beats Expectations, But Slashes FY24 Outlook Amid DIY Sales Slump
Should I Sell My TNXP Stock?
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Tonix Pharmaceuticals stock currently has an RSI of 36.33, indicating neutral conditions.
For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.
TNXP has a 52-week high of $32.32 and a 52-week low of 37 cents
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
