In the past week, there has been considerable activity in the Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) stock and as a consequence, it has managed to clock gains of as much as 16%. In light of such strong gains, the stock is likely to come into focus among investors in the coming days.
Trading Data
On Monday, TNXP stock ended up by 1.04% to $0.2425 with more than 31.96 million shares traded, compared to its average volume of 26.13 million shares. The stock moved within a range of $0.2205 – 0.2649 after opening trading at $0.2237.
Tonix Pharma (TNXP) Announces Phase 3 RALLY Study Did Not Achieve Statistical Significance
As it happens, the biopharmaceutical company was actually in the news yesterday after it announced that its product TNX 102 SL could not demonstrate statistically significant on hitting the primary end point with regards to the reduction of fibromyalgia pain at the 14th week of treatment.
The comparison was being made against placebo. It goes without saying that it was a bit of a setback for the company and it is going to be interesting to see if it has any major effect on the Tonix Pharmaceutical stock through the week or not.
At this point in time, it may be a good move for investors to consider keeping the stock in their watch lists and watch for further developments. The company noted that the earlier RELIEF study had in fact been a major positive for Tonix and it now remains to be seen if there is a reversal in fortunes or not.
Key Quote
“The positive outcome of the earlier RELIEF study stands in contrast to the missed primary endpoint in RALLY,” said Dr. Gregory Sullivan, M.D., Chief Medical Officer of Tonix. “We believe the difference between these study results may be driven in large part by a 79% increase in adverse event-related participant discontinuations in the drug treatment group in RALLY as compared to RELIEF. Similarly, a 77% increase of adverse event-related participant discontinuations was observed in the placebo group in RALLY as compared to RELIEF.”
Technical Data
TNXP stock is trading above the 20-Day and 50-Day Moving averages of $0.22 and $0.23 respectively. However, the stock is trading below the 200-Day moving average of $0.58.
