Tonix Pharma Dominates Retail Biotech Buzz After 1-for-100 Reverse Split, Sentiment Turns Neutral Amid Volatility

Tonix Pharmaceuticals saw its shares swing wildly between gains and losses on Wednesday morning as they started to trade following a 1-for-100 reverse stock split announced at the start of this week. 

The move aims to meet the Nasdaq's $1.00 minimum bid price requirement for continued listing.

On Stocktwits, Tonix emerged as the most active biotech stock by message volume over the past 24 hours, but sentiment shifted from 'bullish' to 'neutral.' 

One popular post highlighted legal concerns, with the user accusing Tonix of manipulative practices such as "multiple RS [reverse stock splits] in a short time frame" and "lack of disclosures."

A more optimistic user pointed to the Prescription Drug User Fee Act (PDUFA) goal date of Aug. 15, 2025, for FDA approval of Tonix's TNX-102 SL to treat fibromyalgia and the company's $10 million stock buyback announced in September as positive signs.

Tonix has reportedly executed multiple reverse stock splits in recent years, including in June 2024, May 2023, and May 2022, signaling a pattern of trying to maintain a minimum share price. 

The company's portfolio is focused on central nervous system disorders, prioritizing advancing TNX-102 SL.

In December, the FDA accepted the New Drug Application (NDA) for TNX-102 SL for fibromyalgia, which is also under a separate study for acute stress reaction and acute stress disorder.

Earlier in 2024, Tonix reaffirmed its commitment to developing a mpox vaccine, signaling its diversified approach to product development.

Short interest in the stock has grown steadily since mid-December, rising from 0.9% to 8.5% by the end of January, according to Koyfin data. 

However, retail interest has also surged over the last three months, with Stocktwits message volume increasing by 1,750% and following jumping by nearly 10%. 

During that period, Tonix's stock price has gained more than 5%, although it has lost nearly 98% of its value over the past year.

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