What's Going On With Tonix Pharmaceuticals Stock?

Tonix Pharmaceuticals Corp. (NASDAQ:TNXP) shares have nearly doubled over the past month despite the pullback on Wednesday. Here’s what you need to know.

What To Know: Tonix shares traded higher in early May after the company reported first-quarter earnings and CEO Seth Lederman disclosed he bought 4,000 shares of the company’s stock for $86,200.

In the latest earnings report, Tonix posted a loss of $2.48 per share, beating the consensus estimate for a loss of $3.37 per share. Revenue came in at $2.43 million, slightly below estimates of $2.55 million.

The company ended the quarter with $131.7 million in cash and cash equivalents and said it had sufficient funds to support operations through the second quarter.

Tonix also provided updates on its pipeline, highlighting that TNX-102 SL (cyclobenzaprine HCl sublingual tablets) remains on track as a potential treatment for fibromyalgia. The company is exploring its use across several other conditions as well.

See Also: Arrived Debuts Seattle-Focused Fund As Tech Hub’s Housing Market Regains Momentum

Last week, Tonix announced that the first patient had been dosed in its Phase 2 OASIS study of TNX-102 SL for the treatment of Acute Stress Reaction (ASR).

"TNX-102 SL has been shown to improve sleep quality in PTSD, and previous trials suggest benefits for stress-related symptoms early in treatment," Lederman said.

"Addressing sleep disturbances is key to managing ASR, as poor sleep can worsen other symptoms and delay recovery."

Tonix Pharmaceuticals shares are seeing increased attention in recent weeks as the stock has been trending across various social platforms. The stock appears to be pulling back Wednesday following the recent rally.

TNXP Price Action: At the time of publication, Tonix shares were down 2.65% at $36.01, according to data from Benzinga Pro. The stock is up approximately 99% over the past month and has climbed more than 325% over a three-month period.

Image: Shutterstock.