October 1, 2013 by Jennifer Poland · Leave a Comment
Roth Capital Partners has initiated coverage of Tonix Pharmaceuticals Holding (NASDAQ:TNXP) with a “buy” rating and 12-month price target of $8.50. The stock closed at $3.65 on Monday.
“The impetus for our buy rating is the potential for TNX-102 SL to navigate through late-stage clinical trials for the treatment of fibromyalgia, receive approval, and drive the company into profitability,” writes analyst Scott Henry.
He is targeting Tonix to file the compound in late 2016, noting that the key differentiation versus current treatments could be improved sleep quality.
He cites a number of drivers for his investment thesis, including expectations that a Phase 2b fibromyalgia trial with TNX-102 SL, which is now enrolling, should be positive based on results of an earlier Phase 2a trial.
“Current treatments for fibromyalgia (disorder predominantly in females that impacts pain, mood and sleep) focus largely on mood (Cymbalta) and pain (Lyrica) components of the disorder,” he said. “We expect that TNX-102 SL could be the first drug to focus on sleep disturbance.”
He said a differentiated fibromyalgia treatment could approach a market share of 20%, which corresponds to peak annual sales potential of about $400-million.
Once again, I log into TDAmeritrade this morning and they have the last trade price for TNXP at $5.50. Sure makes the my account balance looks nice - too bad it's fake. This has happened several times (always $5.50).