Roth Capital Maintains Buy On Tonix Pharma, Cuts PT To $10
In a research report released today Roth Capital analyst Scott Henry maintained a Buy rating on Tonix Pharmaceuticals (NASDAQ:TNXP) but lowered his price target to $10 (from $17), which represents a 28.37% downside from where the stock is currently trading.
Henry wrote, “U pdated model and price target post this morning’s negative phase 2b data readout for TNX-102 SL to treat fibromyalgia. Major adjustments to our model and valuation forecasts include 1) an additional phase 3 trial, 2) an additional financing, and 3) lowered probability of FDA approval for TNX-102 SL from 60% to 40%. These adjustments reduced our price target from $17 to $10/ share. We maintain our Buy rating for speculative investors with a 12+ month time horizon.” Henry continued, “We continue to believe that TNX-102 SL has potential for the treatment of fibromyalgia despite missing the primary endpoint in the BESTFIT trial. As such, we believe that the share price correction more than reflects the incremental negative from that event.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Scott Henry has a total average return of 21.2% and a 59.6% success rate. Henry has a 70.6% average return when recommending TNXP, and is ranked #140 out of 3324 analysts.