While shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) keep tumbling following results from the company’s Phase 2 clinical study in patients with military-related PTSD, Oppenheimer analyst Carlos Solorzano remains positive, raising his price target to $13 (from $10), while reiterating an Outperform rating on the stock.

Solorzano wrote, “Although the 2.8mg dose (dose pre-specified for primary endpoint) did not achieve stat sig (p=0.211), the 5.6mg dose had a statistically significant benefit (p=0.031) on PTSD symptoms as measured by the CAPS-5. Additionally, 5.6mg TNX-102 had stat sig effects on other endpoints, including CGI-I and PGIC. We are encouraged by the broad, positive effects of TNX-102 on PTSD and are increasing our PT to $13 (from $10) following what we view as a significant de-risking of the PTSD program. We view the weakness in the shares as unwarranted and reiterate our Outperform rating.”

“We are increasing our probability of approval for TNX-102 in PTSD to 67% (from 37%) following the reported positive Phase 2 data. We are also adjusting our estimated launch date in PTSD to 2020 (from 2019) following guidance on the timing of the planned Ph3 PTSD trials,” the analyst added.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Carlos Solorzano has a yearly average return of 3.1% and a 50% success rate. Solorzano has a 17.4% average return when recommending TNXP, and is ranked #1903 out of 3929 analysts.

All the 3 analysts polled by TipRanks rate Tonix Pharmaceuticals stock a Buy. With a return potential of 334.3%, the stock’s consensus target price stands at $10.25.

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