Tonix Pharmaceuticals price target raised to $65 from $11 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Tonix Pharmaceuticals (TNXP) to $65 from $11 and keeps a Buy rating on the shares. After having recently caught up with management to discuss the ongoing pipeline development, especially the pending potential approval of TNX-102 SL for fibromyalgia, which has a PDUFA date set for August 15, the firm notes that its sum-of-the-parts valuation includes TNX-102 SL for fibromyalgia valued at $52 per share, the Zembrace/Tosymra program valued at $1 per share, and cash and tech value of $12 per share.