Tonix Pharmaceuticals (NASDAQ:TNXP) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Tonix Pharmaceuticals to “Sell” from “Hold,” although the broader analyst consensus remains “Buy” with a $24.50 target price.
• TNXP shares opened at $9.86, near their 12-month low of $9.40 and below both their 50-day and 200-day moving averages. The company reported a quarterly loss of $2.44 per share but exceeded revenue expectations.
• CEO Seth Lederman purchased 2,000 shares, while institutional investors own 82.26% of the company’s stock, indicating continued insider and institutional involvement despite the downgrade.

Tonix Pharmaceuticals (NASDAQ:TNXP - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also commented on the company. Weiss Ratings lowered Tonix Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 28th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $27.00 price objective on shares of Tonix Pharmaceuticals in a report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $24.50.

Tonix Pharmaceuticals Trading Up 1.6%

Shares of NASDAQ TNXP opened at $9.86 on Friday. The stock has a 50 day simple moving average of $11.84 and a 200-day simple moving average of $12.62. The company has a market cap of $169.10 million, a PE ratio of -0.76 and a beta of 1.74. Tonix Pharmaceuticals has a 12-month low of $9.40 and a 12-month high of $25.52.

Tonix Pharmaceuticals (NASDAQ:TNXP - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($2.44) EPS for the quarter, beating the consensus estimate of ($2.64) by $0.20. The firm had revenue of $13.54 million for the quarter, compared to analysts' expectations of $7.72 million. Tonix Pharmaceuticals had a negative return on equity of 68.99% and a negative net margin of 548.64%. Sell-side analysts forecast that Tonix Pharmaceuticals will post -9.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Seth Lederman purchased 2,000 shares of the firm's stock in a transaction on Thursday, August 27th. The stock was purchased at an average cost of $13.79 per share, with a total value of $27,580.00. Following the purchase, the chief executive officer owned 11,005 shares in the company, valued at $151,758.95. This trade represents a 22.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by company insiders.

Institutional Trading of Tonix Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new position in Tonix Pharmaceuticals during the second quarter valued at about $92,000. SJS Investment Consulting Inc. bought a new stake in Tonix Pharmaceuticals in the first quarter worth about $138,000. Great Lakes Advisors LLC acquired a new stake in Tonix Pharmaceuticals in the 2nd quarter valued at about $303,000. Bank of New York Mellon Corp lifted its holdings in Tonix Pharmaceuticals by 26.4% in 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 last quarter. Finally, Bank of America Corp DE boosted its position in shares of Tonix Pharmaceuticals by 101.1% during the 1st quarter. Bank of America Corp DE now owns 60,958 shares of the company's stock valued at $838,000 after purchasing an additional 30,644 shares in the last quarter. Institutional investors and hedge funds own 82.26% of the company's stock.

About Tonix Pharmaceuticals

Tonix Pharmaceuticals Holding Corp. is a biopharmaceutical company focused on developing therapies and vaccines for conditions involving the central nervous system, immunology, and infectious diseases. The company's programs use a range of approaches, including small-molecule medicines, biologics, vaccines, and intranasal therapies.

Tonix's development portfolio has included TNX-102 SL, a sublingual formulation of cyclobenzaprine investigated for fibromyalgia and other pain-related conditions.

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