Noble Capital Starts Tonix Pharma (TNXP) at Outperform

Noble Capital analyst Robert LeBoyer initiates coverage on Tonix Pharma (NASDAQ: TNXP) with a Outperform rating and a price target of $0.60.

The analyst commented, "Tonix has developed a pipeline of products in Immunology, CNS, and Infectious Diseases. Several pipeline products are expected to reach clinical milestones or data announcements over the next 12 months, including the Phase 3 RESILIANT trial in fibromyalgia.... TNXP is trading at $0.19 per share with a market capitalization of about $100 million yet its balance sheet on December 31, 2021 had $178.6 million in cash, or about $0.32 per share. This implies no value for its technology and pipeline products. We consider this discount to be below fair value, and see a 2x to 5X cash as a low multiple for early stage biotechnology companies. Our price target is $0.60 per share."

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 $0.19 yesterday.

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