10 Stocks Fall Behind Amid Market Optimism

7. 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.