Tonix Pharmaceuticals (NASDAQ:TNXP) Trading 6.5% Higher - Here's Why

Shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP - Get Free Report) were up 6.5% during mid-day trading on Wednesday . The company traded as high as $37.55 and last traded at $37.89. Approximately 230,962 shares changed hands during trading, a decline of 76% from the average daily volume of 957,743 shares. The stock had previously closed at $35.56.

Analysts Set New Price Targets

A number of research firms have recently commented on TNXP. Noble Financial reiterated an "outperform" rating and issued a $70.00 price objective on shares of Tonix Pharmaceuticals in a research note on Thursday, March 20th. Wall Street Zen raised Tonix Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Tonix Pharmaceuticals in a research report on Tuesday, June 3rd.

Tonix Pharmaceuticals Stock Performance

The company has a market cap of $282.33 million, a P/E ratio of -0.02 and a beta of 2.05. The stock has a 50-day simple moving average of $31.27 and a 200 day simple moving average of $24.47.

Tonix Pharmaceuticals (NASDAQ:TNXP - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($2.84) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.23) by $0.39. The company had revenue of $2.43 million during the quarter, compared to analysts' expectations of $2.55 million. Tonix Pharmaceuticals had a negative net margin of 1,313.87% and a negative return on equity of 120.96%. Sell-side analysts anticipate that Tonix Pharmaceuticals Holding Corp. will post -1762.5 earnings per share for the current fiscal year.

Insider Transactions at Tonix Pharmaceuticals

In other Tonix Pharmaceuticals news, CEO Seth Lederman acquired 4,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were acquired at an average cost of $21.55 per share, for a total transaction of $86,200.00. Following the completion of the acquisition, the chief executive officer directly owned 4,005 shares of the company's stock, valued at approximately $86,307.75. This represents a 80,000.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.03% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TNXP. Geode Capital Management LLC increased its holdings in Tonix Pharmaceuticals by 1,600.1% in the fourth quarter. Geode Capital Management LLC now owns 1,971,894 shares of the company's stock valued at $650,000 after purchasing an additional 1,855,907 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Tonix Pharmaceuticals in the 4th quarter valued at approximately $526,000. Two Sigma Investments LP bought a new position in Tonix Pharmaceuticals during the 4th quarter worth approximately $66,000. Jane Street Group LLC grew its holdings in Tonix Pharmaceuticals by 5,932.3% during the fourth quarter. Jane Street Group LLC now owns 1,662,682 shares of the company's stock valued at $548,000 after purchasing an additional 1,635,119 shares during the period. Finally, Northern Trust Corp acquired a new position in Tonix Pharmaceuticals during the fourth quarter valued at approximately $162,000. Institutional investors and hedge funds own 82.26% of the company's stock.

About Tonix Pharmaceuticals

Tonix Pharmaceuticals Holding Corp., a biopharmaceutical company, focuses on developing, discovering, commercializing, and licensing therapeutics to treat and prevent human disease and alleviate suffering. It markets Zembrace SymTouch and Tosymra for the treatment of acute migraine with or without aura in adults.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.