Tonix Therapeutics (NASDAQ:TNXP) Stock Rebounds Strongly: Now What?
Earlier on in the year, there had been some stocks which had delivered remarkable gains on the backs of the meme stocks mania and one of those was the Tonix Therapeutics (NASDAQ:TNXP) stock.
Market Stats
On Monday, TNXP stock jumped 6.62% at $0.58 with more than 21.13 million shares, compared to its average volume of 13.03 million shares. The stock has moved within a range of $0.5410 – 0.5847 after opening trading at $0.55.
Major Trigger
Yesterday, the stock had come back into focus among investors and managed to clock gains of as much as 7% amidst heavy interest. The rally in the stock possibly came about due to optimism among investors with regards to the patent that had been received by Tonix last week on Tuesday. The patent in question its titled “Trefoil Family Factor Proteins and Uses Thereof.”
The patent is particularly important for the product TNX 1700 that the company is working on at this time for the purpose of treating pancreatic and gastric cancers. It is believed that the Trefoil Family Factor Proteins could be a highly effective basis for the product.
In recent times, the Tonix stock has not been a particularly popular stock among investors and the news about the patent as well as its possible implications has both reignited interest in the stock among investors. At this point in time, it might be a good move to keep an eye on the stock.
Traders Corner
TNXP stock is trading above the 20-Day and 50-Day Moving averages of $0.56 and $0.58 respectively. However, the stock is trading below the 200-Day moving average of $0.97. The stock is down 15% in the past 3-month.
