Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) has been busy this month, raising funds to complete a second phase 3 trial for a drug to treat fibromyalgia. The pharmaceutical company focused on creating treatments for issues related to the Central Nervous System, is doing another round of funding just to be prepared for the Food and Drug Associations’ trial requirements.
Because current research shows that 60% of fibromyalgia sufferers whole already take the available FDA approved treatments either see no improvement or become intolerant to the drugs’ side effects, there is a huge opening in the market for Tonix.
At the same time positive momentum is happening in drug trials, lead executives are Buying up shares of the stock. Just in the last three months, corporate insiders purchased a total of $397.7K worth of shares, reflecting a Positive Sentiment on the stock.
Director Ernest Mario just purchased $187,500 worth of shares and earlier this year in January he purchased $201,740 worth of shares. Mario also has a stake in Chimerix Inc (NASDAQ:CMRX) and Boston Scientific Corporation (NYSE:BSX).
In addition to Mario, CFO Leland Gershell bought $7,500 worth of shares this month. Leland also made active purchases in January of this year, buying $29,250 worth of Tonix shares.
According to the latest analyst ratings detected by TipRanks.com, the overall analyst consensus on the stock is a Strong Buy, with a $14 average price target.
The stock reached a new high today, opening at 8.62. The stock has a market cap of 160.05 million and an average volume of 436,102.