Why Tonix Pharmaceuticals Rocketed 33% Higher Today
A big regulatory win was reaping huge prizes for Tonix Pharmaceuticals (NASDAQ: TNXP) on Thursday. Following a new nod from the Food and Drug Administration (FDA) for one of its leading pipeline drugs, the biotech's shares went on a quick trip skyward, rising 33% in price on the day.
With obvious pride and satisfaction, Tonix announced that the FDA has granted its TNX-2900 orphan drug designation for the treatment of Prader-Willi syndrome. This is a rare genetic disorder that frequently leads to obesity and diabetes.
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Source Fool.com
