Biotechs In the Red

The biotech sector was mainly declined today, along with the rest of the major equity indices. One of the harshest declines today was TNXP, Tonix Pharmaceuticals. The stock was down nearly two thirds of the previous session’s value due to the cancellation of its phase 3 trial for Tonmya, it’s treatment being developed for post-traumatic stress disorder. Since the company has no revenue at all, the stock value is being dictated by net cash reserves and speculation on future research developments. Expect the stock to stay under severe downward pressure going forward. Here’s an overview of what happened today.