Raymond James Financial Upgrades Tonix Pharmaceuticals (NASDAQ:TNXP) to “Strong-Buy”

Tonix Pharmaceuticals (NASDAQ:TNXP) was upgraded by research analysts at Raymond James Financial to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts have also issued research reports about the company. TD Cowen raised Tonix Pharmaceuticals to a “strong-buy” rating in a report on Tuesday, May 5th. Wall Street Zen cut Tonix Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Tonix Pharmaceuticals in a report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $24.00.

Tonix Pharmaceuticals Stock Performance

Shares of Tonix Pharmaceuticals stock opened at $11.98 on Wednesday. Tonix Pharmaceuticals has a 52-week low of $10.03 and a 52-week high of $69.97. The company has a fifty day moving average of $12.81 and a 200-day moving average of $14.65. The stock has a market capitalization of $190.96 million, a price-to-earnings ratio of -0.83 and a beta of 1.67.

Tonix Pharmaceuticals (NASDAQ:TNXP) last issued its earnings results on Monday, May 11th. The company reported ($2.93) earnings per share for the quarter, missing the consensus estimate of ($2.54) by ($0.39). Tonix Pharmaceuticals had a negative net margin of 839.52% and a negative return on equity of 67.65%. The company had revenue of $6.88 million for the quarter, compared to analysts’ expectations of $6.12 million. On average, equities research analysts forecast that Tonix Pharmaceuticals will post -10.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tonix Pharmaceuticals news, Director Richard Newcomb Stillwell purchased 5,000 shares of Tonix Pharmaceuticals stock in a transaction dated Monday, June 8th. The stock was purchased at an average price of $11.65 per share, with a total value of $58,250.00. Following the transaction, the director directly owned 5,000 shares of the company’s stock, valued at $58,250. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Seth Lederman acquired 5,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average price of $11.79 per share, for a total transaction of $58,950.00. Following the purchase, the chief executive officer directly owned 9,005 shares in the company, valued at approximately $106,168.95. This trade represents a 124.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 11,415 shares of company stock worth $132,128. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TNXP. Legal & General Group Plc purchased a new position in shares of Tonix Pharmaceuticals during the 2nd quarter worth $25,000. State of Wyoming purchased a new stake in shares of Tonix Pharmaceuticals in the 4th quarter worth $27,000. Russell Investments Group Ltd. purchased a new stake in shares of Tonix Pharmaceuticals in the 3rd quarter worth $29,000. BNP Paribas Financial Markets bought a new position in Tonix Pharmaceuticals in the 2nd quarter worth $65,000. Finally, Leonteq Securities AG bought a new position in Tonix Pharmaceuticals in the 4th quarter worth $89,000. 82.26% of the stock is currently 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.