Why Tonix Pharmaceuticals Stock Is Rising

Tonix Pharmaceuticals Holding Corp TNXP shares are trading higher Monday after New York City on Saturday declared monkeypox a public health emergency, which has lifted monkeypox-related stocks.

New York City officials have declared monkeypox a public health emergency due to the spread of the virus in the area. The public health emergency designation allows officials to issue emergency orders under the city health code and implement measures to help slow down the spread of the virus. 

"New York City is currently the epicenter of the outbreak, and we estimate that approximately 150,000 New Yorkers may currently be at risk for monkeypox exposure," NYC Mayor Eric Adams and NYC Department of Health and Mental Hygiene Commissioner Dr. Ashwin Vasan said Saturday in a joint statement.

According to an update from WHO on Twitter last week, more than 18,000 monkeypox cases have been reported from 78 countries.

Tonix's TNX-801 is being developed as a vaccine to protect against monkeypox.

"We already have very compelling data showing protection of monkeys against the lethal challenge of monkeypox," Tonix CEO Seth Lederman said last week in an exclusive interview with Benzinga.

Related Link: EXCLUSIVE: Tonix Pharmaceuticals CEO Highlights Advantages Of Company's Monkeypox Vaccine In Development

The Tonix CEO told Benzinga that the company's live virus vaccine has shown real-world evidence of its ability to provide lifelong protection and block forward transmission. 

TNXP Price Action: Tonix has a 52-week high of $4.79 and a 52-week low of 9 cents.

The stock was up 12.8% at $1.90 at press time, according to data from Benzinga Pro.

Photo: NIAID from Flickr.