Why tonix stock going down today

Tonix Pharmaceuticals' stock decline today can be attributed to a combination of factors:

1. Reverse Stock Split: The company recently underwent a reverse stock split, which is often perceived negatively by investors. This move was aimed at boosting the price of the shares to comply with Nasdaq's minimum bid price requirement, but it can also lead to a perception of weakness among some investors.
2. Public Offering Announcement: Tonix Pharmaceuticals has announced a proposed public offering of its shares, which typically results in a dilution of ownership and can negatively impact the stock price. The company plans to use the proceeds from this offering for working capital and general corporate purposes, including the preparation of a new drug application for their Tonmya product candidate.
3. Financial Performance Concerns: The company reported a GAAP earnings per share (EPS) loss of $19.28, which was below the estimated loss of $3.27. Additionally, the reported sales for the quarter were lower than the estimated figures.
4. Market Sentiment: The broader pharmaceutical market is subject to various challenges, including increased competition, regulatory pressures, and the impact of new policies like the Inflation Reduction Act, which can affect the sector's profitability and investor sentiment.

These factors, combined with the company's recent financial performance and the market's perception of the reverse stock split, likely contribute to the decline in Tonix Pharmaceuticals' stock today.