TNF Pharmaceuticals, Inc. (NASDAQ: TNFA), a clinical-stage biopharmaceutical company, has announced the adoption of a new stock ticker symbol, "TNFA," effective as of Wednesday. The change coincides with the company's recent rebranding from its former name, MyMD Pharmaceuticals, Inc.
The new ticker symbol aligns with TNF Pharmaceuticals' strategic focus on the development of treatments targeting TNF-alpha, a critical protein involved in inflammation and autoimmunity. The company's lead clinical candidate, MYMD-1®, is designed to inhibit TNF-alpha, aiming to restore immune system regulation.
Mitchell Glass, M.D., President, Chief Medical Officer, and Director of TNF Pharmaceuticals, said that the rebranding reflects a pivotal moment in the clinical development of MYMD-1®, highlighting the therapy's potential as a TNF-alpha inhibitor.
"Our company's new name and stock identity comes at an important time in our clinical development of MYMD-1, illuminating both our core science and our clinical candidate™s strong potential to be the first TNF-α inhibitor in this indication," said Glass.
Current stockholders of the company are not required to take any action in relation to the ticker symbol update. All trading, Securities and Exchange Commission filings, and market information will be reported under the new symbol, while the CUSIP number for the company's common stock remains unchanged.
TNF Pharmaceuticals focuses on developing therapies that address the causes of diseases characterized by inflammation. In addition to MYMD-1®, the company is also working on Supera-CBD, a synthetic derivative of cannabidiol (CBD), intended for the treatment of chronic pain, addiction, and epilepsy.
The second drug platform, Supera-CBD, is claimed to be a novel synthetic derivative of CBD and is being developed to address and improve upon the rapidly growing CBD market, which includes both FDA-approved drugs and CBD products not currently regulated as drugs.
InvestingPro Insights
As TNF Pharmaceuticals, formerly known as MyMD Pharmaceuticals, embarks on a new chapter with its rebranding and ticker symbol change to "TNFA", it's important to consider the company's financial health and market performance. According to InvestingPro data, TNF Pharmaceuticals currently has an adjusted market capitalization of $4.31 million. This relatively small market cap reflects the company's status as a clinical stage biopharmaceutical firm, which typically carries higher risk due to the nature of drug development.
Investors looking at the company's valuation metrics will note the negative P/E ratio, which stands at -0.18, and has further declined to -0.25 when adjusted for the last twelve months as of Q1 2024. This indicates that the company is not currently generating earnings, which is common for clinical stage companies that are investing heavily in research and development.
The performance metrics reveal a challenging period for TNF Pharmaceuticals, with a 1-year price total return as of Y2024.D206 at -94.28%, signaling a significant drop in investor confidence or external market factors impacting the stock. Additionally, the company's price is currently at 2.85% of its 52-week high, suggesting that the stock has experienced a considerable decrease from its peak price over the last year.
InvestingPro Tips highlight the importance of looking at a company's pipeline progress and potential market for its lead products when evaluating investment opportunities in biopharmaceuticals. With TNF Pharmaceuticals' focus on its lead clinical candidate, MYMD-1®, and its potential as a TNF-alpha inhibitor, these factors become crucial in assessing the company's future prospects.
Investors interested in deeper analysis and more tips can explore InvestingPro, which currently lists an additional 15 InvestingPro Tips for TNF Pharmaceuticals. For those considering a subscription, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. These insights could provide valuable context to the company's recent strategic moves and its potential trajectory in the competitive biopharmaceutical landscape.
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