Tonix Pharmaceuticals (NASDAQ:TNXP) Stock resumes The Downtrend: Falls 5% in a Week
Tonix Pharmaceuticals (NASDAQ:TNXP)shares are down 5% in a week. However, on Monday, the shares had a series of ups and downs, with the stock flying almost 7% higher after positive patent news.
Market Stats
On Tuesday, TNXP stock fell 5.60% at $0.5457 with more than 12.42million shares, compared to its average volume of 13.21 million shares. The stock has moved within a range of $0.5410 – 0.5655 after opening trading at $0.5650.
Latest News
First, the company announced that it had received a “Trefoil Family Factor Proteins and Uses Thereof,” patent. Tonix described the patent as one including claims focusing on a polypeptide with a carboxy-terminal domain of the human Chorionic gonadotropin fused beta subunit of TFF protein.
TNX-1700 is a promising pipeline biologic from the company now in pre-clinical development to treat pancreatic and gastric cancers. It’s a Trefoil Family Factor 2 variant (rTFF2). The TFF2 protein is regarded to provide a promising basis for oncological treatment since it protects and heals mucous membranes in the gastrointestinal tract. Moreover, the patent is good news for Tonix sock that has been shaky in recent weeks. Therefore, with the patent to advance gastric and pancreatic cancer treatment TNXP is worth keeping an eye on.
Traders Corner
TNXP stock is trading below the 20-Day and 50-Day Moving averages of $0.56 and $0.58 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.97. The stock is down 5% in the past month.
