Roth Capital Reiterates Buy On Tonix Pharmaceuticals Following FDA Meeting Update
In a research report sent to investors today, Roth Capital analyst Scott Henry reiterated a Buy rating on Tonix Pharmaceuticals (NASDAQ:TNXP) with a $10 price target, as the company today commented on its guidance from the FDA for its future phase 3 clinical study design for TNX-102 SL to treat fibromyalgia.
Henry noted, “We view this interaction as positive given that the FDA appears in agreement on switching the primary endpoint to a 30% responder analysis for the treatment of fibromyalgia. This is important because that endpoint reached statistical significance in the BESTFIT trial.”
The analyst added, “We continue to view TNXP as a heavily discounted stock. The enterprise value of ~$20 – $30 million appears excessively low, particularly given that the visibility on TNX-102 SL is improving.”
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 12.8% and a 50.6% success rate. Henry has a -21.5% average return when recommending TNXP, and is ranked #293 out of 3429 analysts.