RTTNews | Jul 21, 2020 10:23AM EDT

10:23 Tuesday, July 21, 2020 (RTTNews.com) - Shares of Tonix Pharmaceuticals Holding Corp. (TNXP), a New York-based biopharmaceutical company, are surging more than 38 percent or $0.59 in Tuesday's morning trade at $2.14 despite no company-specific news influencing the stock.

U.S. stocks are rising on Tuesday in reaction to news that European Union leaders agreed to a 750 billion euro stimulus package to tackle the exceptional nature of the economic and social situation posed by the coronavirus pandemic. Upbeat earnings results from IBM Corp. and Coca-Cola also boosted sentiment.

Last Thursday, Tonix Pharmaceuticals said it entered into a research collaboration and option agreement with Columbia University to develop precision medicine techniques for COVID-19 vaccines and therapeutics.

The research collaboration will focus on T cell and antibody responses to SARS-CoV-2, the virus that causes COVID-19 at the cellular level, including human monoclonal antibodies and anti-idiotypes.

Tonix Pharmaceuticals has traded in a range of $0.39 to $5.90 in the past 52 weeks.

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