Tonix Pharmaceuticals (NASDAQ: TNXP) released its earnings results on October 3, 2023, reporting an earnings per share (EPS) of ($3.59). This figure met analysts’ expectations, as noted by Zacks. The company also recorded a negative return on equity of 57.93% and an alarming negative net margin of 828.22%.
During midday trading on the day of the announcement, Tonix’s stock fell by 0.9%, closing at $16.84. Trading volume reached 498,354 shares, significantly lower than the average volume of 1,293,405 shares. The company currently holds a market capitalization of $147.62 million and has a price-to-earnings (P/E) ratio of -0.43. Its stock has fluctuated significantly over the past year, with a low of $6.76 and a high of $130.00.
Analysts Adjust Ratings
Following the earnings report, several analysts revised their ratings of Tonix Pharmaceuticals. On October 3, Wall Street Zen downgraded the stock from a “hold” rating to a “sell” rating. Subsequently, on October 8, Weiss Ratings reaffirmed a “sell (e+)” rating for the company. Currently, two investment analysts have assigned a Buy rating, while one has issued a Sell rating. According to data from MarketBeat.com, the stock maintains a consensus rating of “Hold” with an average target price of $70.00.
Institutional Trading Activity
Recent trading activity indicates that several institutional investors have modified their holdings in Tonix Pharmaceuticals. The Royal Bank of Canada entered the stock during the first quarter with an investment valued at approximately $610,000. Geode Capital Management LLC significantly increased its stake by 182.4% in the second quarter, now holding 175,212 shares worth about $6.3 million. Other notable acquisitions include JPMorgan Chase & Co., which purchased a new stake valued at $129,000, and Legal & General Group Plc, which acquired a stake worth $25,000. Currently, institutional investors own approximately 82.26% of Tonix Pharmaceuticals’ stock.
Tonix Pharmaceuticals Holding Corp. focuses on developing and commercializing therapeutics aimed at treating and preventing human diseases. Among its marketed products are Zembrace SymTouch and Tosymra, both designed for the treatment of acute migraine in adults.
As the company navigates these challenging financial results, market observers will be closely monitoring its performance and any strategic adjustments it may undertake in response to the evolving market landscape.
