Tonix Pharmaceuticals Holding Corp. (TNXP) disclosed on Monday that director Richard H. Bagger purchased 1,000 common shares at $12.60 per share on Aug. 20, totaling $12,600. The transaction was executed through Raymond James and reported via InvestingPro.
The stock was trading at $12.55 as of the filing, giving the company a market capitalization of approximately $215 million. Tonix’s shares have shown notable strength in the past month and are currently valued below InvestingPro’s estimated fair value, indicating potential undervaluation.
The insider’s acquisition follows the company’s second-quarter results, which significantly exceeded expectations. Adjusted earnings per share came in at negative $2.44, outperforming the forecasted loss of $2.71. Revenue reached $13.54 million, nearly double the projected $6.96 million. Tonmya net sales nearly tripled from the prior quarter to $11 million.
Analysts at Raymond James responded to the results by raising Tonix’s price target from $26.00 to $27.00 while maintaining a Strong Buy rating. The firm cited Tonmya’s robust sales performance as a key driver of the upgrade.
Despite the positive momentum, Tonix continues to face challenges. The company remains unprofitable, with expenses rising and a cash runway projected to extend only until early 2027.
