You've probably heard of most of the 100 most popular stocks on Robinhood. Many of them are household names. But there are also a handful of stocks that are widely held by investors on the trading platform that won't be familiar to most investors.
Tonix Pharmaceuticals (NASDAQ:TNXP) stands out as a good example of these under-the-radar stocks. With the small biotech recently making it onto the most popular list, Robinhood investors are clearly buying the company's stock. But should you?
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Why Tonix is popular with Robinhood investors
Tonix doesn't have any products on the market yet. However, Robinhood investors appear to be especially interested in the drugmaker's lead pipeline candidate and one of its preclinical programs.
The company's currently evaluating lead candidate TNX-102 SL in a late-stage study as a potential treatment for fibromyalgia. Tonix reported positive results in December 2020 from one pivotal study of the experimental drug. It expects to announce results from a second phase 3 study later this year. If those results are also positive, the company plans to file for U.S. Food and Drug Administration (FDA) approval in 2022.