Oppenheimer Downgrades Tonix Pharma (TNXP) to Perform
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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."
Shares of Tonix Pharma closed at $0.92 yesterday.
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