NEW YORK (TheStreet) -- Shares of Tonix Pharmaceuticals (TNXP) plummeted 49.43% to $7.06 on Monday after the company announced its lead drug candidate for treating fibromyalgia came up short of the primary goal in a mid-stage trial.
Tonix's drug TNX-102 missed the mark in the study, which tested if the drug reduced patients' pain by the 12th week of the trial. TNX-102 did, however, improve sleep quality in patients, which was one of the important secondary goals of the trial, Tonix said.
Fibromyalgia is a chronic disease that causes widespread pain and lack of sleep in patients.
The company also announced it intended to discuss the results of the trial, as well as a design for a late-stage trial of TNX-102, with the FDA.
More than 2.1 million shared had changed hands as of 3:21 p.m., which eclipsed the average volume of 105,672.