Tonix Pharmaceuticals (TNXP) has had an excellent run over the last five days, gaining more than 23%. TNXP though still remains down sharply for the year. This was due to the huge sell-off seen earlier this year on a setback related to TNX-201, which failed in a proof-of-concept study. But as I had noted at the time, TNXP is worth holding as there is a strong chance the company will succeed with its TNX-102 (Tonmya) in Phase III fibromyalgia study. Remember that the drug had failed to meet primary endpoint in a Phase IIb study in 2014 but it did lead to an improvement in a number of secondary endpoints, which included measures of sleep and an effect on pain by a 30% responder analysis compared with placebo. Based on the Phase IIb trial results, TNXP proposed a 30% pain responder analysis as the primary efficacy endpoint in the Phase III trial. The proposal was accepted by the FDA. Top-line results from the AFFIRM study are scheduled to be announced in September. With a major catalyst coming up, I believe the run in TNXP could continue.