Why Tonix Pharmaceuticals Is Up by 6% Today

Tonix Pharmaceuticals (NASDAQ: TNXP), a rather up-and-down meme stock in the biotech sector, was having a fine day on the market Tuesday. And this wasn't because of some online hype from a meme stock investor; instead the company reported some encouraging news about a key pipeline drug.

Tuesday morning, Tonix was all too happy to announce that the Food and Drug Administration (FDA) has cleared the Investigational New Drug application for its TNX-1900. That nod paves the way for Tonix to begin a phase 2 study of the drug for the prevention of migraines in chronic patients.

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Source Fool.com