Raymond James raises Tonix Pharma stock price target on strong sales

Raymond James increased its price target for Tonix Pharmaceuticals (NASDAQ:TNXP) to $27.00 from $26.00, maintaining a Strong Buy rating, due to strong sales of Tonmya which nearly tripled quarter-over-quarter to $11 million. Despite rapid cash burn, the firm sees a constructive outlook for Tonmya into the second half of 2026, driven by recent payer-access gains and expanding sales force, while the stock is considered undervalued per InvestingPro analysis. The company also outperformed Q2 earnings expectations with higher revenue and better-than-anticipated adjusted EPS.