In This Article:
We recently published a list of 10 Stocks Fall Behind Amid Market Optimism. In this article, we are going to take a look at where Tonix Pharmaceuticals Corp. (NASDAQ:TNXP) stands against other stocks that fall behind amid market optimism.
Wall Street’s main indices rebounded from hefty losses on Wednesday after President Donald Trump announced that the US will pause the imposition of higher tariffs on 75 countries for 90 days.
In a post on Truth Social, Trump said that more than 75 countries have called to negotiate and have not retaliated in any way.
“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” he noted.
Following the announcement, the Dow Jones jumped by 7.87 percent, the S&P 500 surged by 9.52 percent, and the tech-heavy Nasdaq soared by 12.16 percent.
Despite the overall market optimism, 10 companies, predominantly in the biopharmaceutical sector, registered losses amid the lack of fresh developments to spark buying appetite.
In this article, we listed Wednesday’s 10 worst performers and detailed the reasons behind their drop.
To come up with the list, we considered only the stocks with over $1 million in trading volume.
A scientist in a lab coat working with a microscope, researching a biopharmaceutical solution.
Tonix Pharmaceuticals Corp. (NASDAQ:TNXP)
Tonix Pharmaceuticals fell by 9.64 percent on Wednesday to finish at $17.91 apiece as investors sold off positions amid the lack of fresh developments to spark buying.
The recent sell-off signaled investor pessimism, shunning its recent partnership with Makana Therapeutics to jointly study TNXP’s monoclonal antibody candidate in combination with Makana’s human-compatible organs and cells for the treatment of organ failure.
According to TNXP, the preclinical research and development collaboration has the potential to span multiple Makana programs including kidney, heart, and islet cell transplant.
TNXP said the goal of the study was to support the submission of an investigational new drug application (IND) to the US Food and Drug Administration (FDA) to support compassionate use for patients undergoing xenotransplantation.
“We believe this strategic agreement is a promising step towards utilizing xenotransplantation in the clinic. Makana’s novel genetically engineered (GE) pigs, which have deleted swine leukocyte antigen (SLA)2, have shown improved human compatibility and several other advantages over other technologies including high rates of fertility and birthing, which potentially increases their ability to produce viable organs to satisfy a commercial market globally,” said TNXP CEO Seth Lederman.