Tonix Pharmaceuticals (NASDAQ:TNXP) Stock Rating Upgraded by TD Cowen

Key Points

• TD Cowen upgraded Tonix Pharmaceuticals (NASDAQ:TNXP) to a "strong-buy"; overall analyst consensus remains a "Moderate Buy" with an average target price of $22.00.
• Shares opened at $13.50 and were up about 3.6%, with a 12‑month range of $11.60–$69.97 and a market cap near $180.9M, while the company reported negative earnings (quarterly EPS -$3.98, consensus miss) and projected a negative FY EPS.
• CEO Seth Lederman bought 15,000 shares at ~$14.89 and insiders own 2% of the stock, while institutional ownership is ~82.26% with recent inflows from firms like RBC, Geode and JPMorgan.

Tonix Pharmaceuticals (NASDAQ:TNXP - Get Free Report) was upgraded by equities research analysts at TD Cowen to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the stock. Wall Street Zen cut shares of Tonix Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Sunday, April 26th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Tonix Pharmaceuticals in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Tonix Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $22.00.

Tonix Pharmaceuticals Stock Up 3.6%

NASDAQ:TNXP opened at $13.50 on Tuesday. Tonix Pharmaceuticals has a twelve month low of $11.60 and a twelve month high of $69.97. The company has a fifty day moving average of $13.75 and a 200-day moving average of $15.90. The firm has a market capitalization of $180.90 million, a P/E ratio of -0.95 and a beta of 1.68.

Tonix Pharmaceuticals (NASDAQ:TNXP - Get Free Report) last issued its earnings results on Thursday, March 12th. The company reported ($3.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.16) by ($0.82). The company had revenue of $5.39 million for the quarter, compared to the consensus estimate of $2.97 million. Tonix Pharmaceuticals had a negative return on equity of 60.15% and a negative net margin of 946.22%. On average, analysts anticipate that Tonix Pharmaceuticals will post -8.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Seth Lederman acquired 15,000 shares of the business's stock in a transaction on Wednesday, March 18th. The shares were purchased at an average cost of $14.89 per share, with a total value of $223,350.00. Following the acquisition, the chief executive officer directly owned 15,001 shares of the company's stock, valued at $223,364.89. The trade was a 1,500,000.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Royal Bank of Canada purchased a new position in Tonix Pharmaceuticals during the first quarter worth about $610,000. Geode Capital Management LLC grew its position in Tonix Pharmaceuticals by 182.4% in the 2nd quarter. Geode Capital Management LLC now owns 175,212 shares of the company's stock worth $6,305,000 after purchasing an additional 113,175 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in Tonix Pharmaceuticals in the 2nd quarter valued at about $129,000. Legal & General Group Plc bought a new position in shares of Tonix Pharmaceuticals during the 2nd quarter worth approximately $25,000. Finally, New York State Common Retirement Fund bought a new position in shares of Tonix Pharmaceuticals during the 2nd quarter worth approximately $104,000. 82.26% of the stock is owned by institutional investors.

About Tonix Pharmaceuticals

Tonix Pharmaceuticals is a clinical-stage biotechnology company focused on developing therapeutics for central nervous system disorders, immunology and rare diseases. The company's pipeline includes small-molecule and biologic product candidates designed to address conditions such as fibromyalgia, post-traumatic stress disorder (PTSD) and other chronic pain syndromes, as well as vaccines for potential viral and biothreat agents.

Among Tonix's lead programs is TNX-102 SL, a sublingual formulation of cyclobenzaprine being evaluated for the treatment of fibromyalgia and PTSD.

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