Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP) is having an incredibly strong start to the trading session today. However, if you go digging for news via SEC filing or press release, you’re not going to find any. The company hasn’t released anything. Today, we’ll talk about:
- Why the stock may be moving;
- what we’re seeing from TNXP; and
- what we’ll be watching for ahead.
Why TNXP Is Climbing
As mentioned above, Tonix Pharmaceuticals is having an incredibly strong start to the trading session. However, the company hasn’t released any news. So, what’s the deal? Why is the stock flying?
Well, it seems as though this move is a technical one. Recently, TNXP found its way for the top, pushing the stock well over its 200-day moving average. Of course, the gains tapered off after the massive gains, but the stock did not fall below the 200-day MA. Nonetheless, as the stock continued to fall near the average, it signalled a sign of support, sending the stock on a run for the top yet again.
At the same time, TNXP has an incredibly low float. When stocks with low floats move, they tend to make big moves. This case is no different. Nonetheless, considering the low float, this one could go quite a bit higher.
What We’re Seeing From The Stock
While no news has been released, Tonix Pharmaceuticals is having a great day in the market today. With technical signals screaming buy, that’s exactly what traders are doing. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:40), TNXP is trading at $5.55 per share after a gain of $2.40 per share or 76.19% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TNXP. In particular, we’re interested in following this technical move to see just how high it pushes the stock. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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