Why Tonix Pharmaceuticals Holding Zoomed Higher Today

Shares of Tonix Pharmaceuticals (NASDAQ: TNXP), a much-discussed title among the meme stock crowd, had the latest in a series of up-and-down trading days on Monday. The biotech's stock flew nearly 7% higher on the back of encouraging patent news.

Tonix announced that last Tuesday, it received a patent for "Trefoil Family Factor Proteins and Uses Thereof." The company described the patent as one that "includes claims directed to an isolated polypeptide comprising a carboxy-terminal (CTP) domain of the beta subunit of the human chorionic gonadotropin (hCG) fused to a TFF2 protein (TFF2-CTP)."

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Source Fool.com