Why Tonix Pharmaceuticals (TNXP) Stock Is Falling Sharply Today

Tonix Pharmaceuticals Holding Corp TNXP shares are trading lower by 17% to $0.49 Wednesday morning. The company late Tuesday announced the topline results of a Phase 2 study for TNX-601 ER, a treatment for major depressive disorder (MDD).

What Happened?

The study did not show significant clinical or statistical improvement in depression severity, as measured by the Montgomery-Åsberg Depression Rating Scale (MADRS) total score. Consequently, the development of TNX-601 ER is being discontinued.

The company says it is now looking forward to receiving topline results from a Phase 2 study of TNX-1900 for chronic migraine in early December and topline results from a Phase 3 study of TNX-102 SL for fibromyalgia in late December.

Tonix says TNX-601 ER was generally well-tolerated, with only a few adverse events reported in the study.

According to data from Benzinga Pro, TNXP has a 52-week high of $9.81 and a 52-week low of $0.46.