What's Going On With Tonix Pharmaceuticals (TNXP) Stock?
Portfolio Pulse from Henry Khederian
Tonix Pharmaceuticals (NASDAQ:TNXP) shares dropped 29% to $2.36 after a 1-for-32 reverse stock split aimed at meeting NASDAQ's $1.00 minimum bid price requirement. The company also had a pre-NDA meeting with the FDA for Tonmya (TNX-102 SL). TNXP shares have decreased by 95.74% over the past year and 56.71% over the past month, with an RSI of 1.15 indicating oversold conditions.
June 10, 2024 | 4:34 pm
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NEGATIVE IMPACT
Tonix Pharmaceuticals' stock dropped 29% following a 1-for-32 reverse stock split to meet NASDAQ's minimum bid price requirement. The company also had a pre-NDA meeting with the FDA for Tonmya. The stock is down 95.74% over the past year and 56.71% over the past month, with an RSI of 1.15 indicating oversold conditions.
The reverse stock split and the significant drop in share price indicate negative sentiment and potential instability. The pre-NDA meeting with the FDA is a positive development but does not offset the immediate negative impact of the reverse split and the stock's poor performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100