With earnings season mostly behind us, buyback announcements also declined with a total of 18 companies announcing stock buybacks this week compared to 38 companies in the prior week. The top buyback is a nano-cap company with a market cap below $50 million that also happens to be a net-net. A net-net is a company where its market cap is less than current assets minus total liabilities.
Tonix Pharmaceuticals (TNXP) announced a $12.5 million buyback yesterday that represented more than a fourth of the company’s market cap at announcement. The company is a clinical-stage biotech that has one Phase 3 candidate for Fibromyalgia in its pipeline. The same drug will also enter Phase 2 trials as a potential treatment for Long COVID in Q2 2022. Beyond Fibromyalgia and Long COVID, the company also targets other central nervous system disorders and infectious diseases.