Tonix shares sink 29% on discontinued development on depression treatment

Shares of Tonix Pharmaceuticals TNXP fell Tuesday after the company said it would discontinue development of its treatment for major depressive disorder.

The stock was down 29%, to 42 cents, in after-hours trading, following a 3% rise at Tuesday’s close. Shares are down 76% this year.

The Chatham, N.J.-based pharmaceutical company said that…