Today, Tonix Pharmaceuticals (TNXP) was trading at $4.23, which represents ~7.09% growth from yesterday’s close of $3.95.
On July 13, Tonix Pharmaceuticals’ stock price closed at $3.95, which represents ~46% growth from its 52-week low of $2.70 on May 11. The stock hit a 52-week high on June 7.
Reason for the hike
Today, the FDA granted a Fast Track designation to TNX-102 SL, the company’s investigational drug for the treatment of agitation in individuals with Alzheimer’s disease.
Previously, the FDA granted the drug (also called Tonmya) a Breakthrough Therapy designation or BTD for the treatment of individuals with PTSD. Tonix Pharmaceuticals is conducting a Phase 3 clinical trial of Tonmya for military-related PTSD. It expects to present an interim analysis report of the trial in Q3 2018.
The FDA grants a Fast Track designation to promote the development and easier review of drugs for serious medical conditions with high unmet medical demand.
The Fast Track designation of TNX-102 SL for Alzheimer’s should allow Tonic Pharmaceuticals’ new drug application priority review and frequent meetings with regulatory authorities for development and trial design.
All five analysts tracking Tonix Pharmaceuticals this month have a “buy” rating on the stock.
On July 15, Tonix Pharmaceuticals had a consensus 12-month target price of $9.4, which represents a ~124.34% return on investment over the next 12 months.
Of the 19 analysts tracking Sarepta Therapeutics (SRPT), ~89% recommend “buys” while all ten analysts tracking Neurocrine Biosciences (NBIX) recommended “buys.” Of the 25 analysts tracking Regeneron Pharmaceuticals (REGN), ~36% recommend “buys.”
On July 16, Sarepta Therapeutics, Neurocrine Biosciences, and Regeneron Pharmaceuticals had consensus 12-month target prices of $190.47 and $110.0, respectively, which represents ~40.02%, ~9.38%, and ~4.53% returns on investment over the next 12 months.