Oppenheimer Downgrades Tonix Pharma (TNXP) to Perform

September 7, 2016 9:12 AM EDT
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Price: $0.46 -25.81%

Rating Summary:
    1 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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Oppenheimer downgraded Tonix Pharma (NASDAQ: TNXP) from Outperform to Perform.

Analyst Jay Olson commented, "TNXP announced the Ph 3 AFFIRM trial of TNX-102 SL in fibromyalgia missed the primary endpoint. As a result, management has decided to discontinue the fibromyalgia program. The company will now shift resources to focus on development of TNX-102 SL for PTSD. We view this setback as a delay to commercialization of TNX-102 SL with increased uncertainty around future cash requirements and, therefore downgrade TNXP to Perform and withdraw our price target."

For an analyst ratings summary and ratings history on Tonix Pharma click here. For more ratings news on Tonix Pharma click here.

Shares of Tonix Pharma closed at $0.92 yesterday.

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