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Here’s why Soligenix, Inc. (SNGX) Stock Skyrocketing Today

Soligenix, Inc. (SNGX) is a late-stage biotherapeutics company which primarily focuses on development and commercialization of products for treatment of rare diseases. Some of the lead candidate products include HyBryte or SGX301 for treating cutaneous T-cell lymphoma, dusquetide or SGX942 for treating oral mucositis in head and neck carcinoma and BDP for the treatment of gastrointestinal disorders.

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The price of SNGX stock during the regular trading on January 3, 2022, was $0.69 with a rise of 4.04%. At last check in the current market on January 4, 2022, the stock skyrocketed by 15.21%.

SNGX: Events and Happenings

On January 4, 2022, SNGX reported about the effectiveness of dusquetide in reducing tumor size in nonclinical xenograft models. The clinical studies had confirmed its effectiveness as a single and combination anti-tumor treatment, along with targeted and chemotherapy, used in the MCF-7 breast cancer cell line.

On December 2, 2021, SNGX reported complete safety of non-human primates against deadly Sudan ebolavirus, using a divalent, temperature stable vaccine. This milestone was the outcome of the partnership of the company with the University of Hawaiʻi at Mānoa. It demonstrated the positive appearance of one or multiple antigens in the same medication along with preserving its full potency and thermostability.

SNGX: Key Financials

On November 12, 2021, SNGX reported its financial results for the quarter ended September 30, 2021. Some of the key highlights are as follows.

Revenue

The company reported the revenue for the third quarter 2021 to be $0.2 million as compared to $0.6 million for the same quarter of 2020.

Net Loss per Share

The basic net loss per share was reported to be $3.6 million, or $0.09 per share for Q3 2021, as compared to $1.8 million, or $0.06 per share, for the same period of the prior year.

On November 8, 2021, SNGX reported that it had been granted a product-specific relinquishment by the Medicines and Healthcare products Regulatory Agency as a Pediatric Investigation Plan for HyBryte or SGX301. On November 4, 2021, SNGX reported about the publication of pre-clinical immunogenicity studies for RiVax representing lasting protection for at minimum a year after vaccination. The article titled ‘Durable Immunity to Ricin Toxin Elicited by a Thermostable, Lyophilizes Subunit Vaccine. The article was published in the journal mSphere.

On November 1, 2021, SNGX reported that the executive management of the company presented the latest research updates and outcomes of the research at 6th Virtual International Conference on Vaccines Research and Development, held on November 1-3, 2021. On October 12, 2021, SNGX reported that its poster abstract was nominated for a “top abstract winner” and displayed and presented at the Virtual Rare Diseases and Orphan Products Breakthrough Summit held on October 18-19, 2021.

Conclusion

SNGX stock dipped 47% from the previous six months. The skyrocketed stock price is possibly the outcome of positive clinical trials data. The investors and shareholders are placing their trust in the company’s polices.

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