Tonix Pharmaceuticals Holding (TNXP) Continues to See Selling Pressure: Time To Sell?
Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) has dropped 25% in a month. Recently Tonix announced its inclusion in the Russell 3000 and Russell 2000 indexes as from June 28, 2021. Notably, these additions are part of Russell stock indexes yearly reconstitution.
Tonix CEO Seth Lederman said that they are honored to be added to the indexes, reflecting its success and positive growth over the last year. He said that the indexes are followed widely, and they will be looking to a broader awareness of Tonix following the addition.
The company also confirmed plans to advance TNX-102 SL for potential treatment of Long COVID Syndrome, officially identified as Post-Acute Sequelae of COVID-19. Tonix expects to meet the FDA in the third quarter of 2021 to discuss a possible phase 2 study design as well as the clinical advancement plan for approving TNX-102 SL for Long COVID indicated treatment. So, in the coming months, TNXP is a stock worth keeping an eye on.
Market Reaction:
On Wednesday, TNXP stock fell 2% at $1.04 with more than 7.59 million shares, compared to its average volume of 11.16 million shares. The stock had moved within a range of $1.0200 – 1.0700 after opening the trade at $1.05. Over the past 52-week, the stock has been trading within a range of $0.5100 – 2.4600.
