Soligenix (SNGX) stock surged on Thursday after the late-stage biopharmaceutical company announced results from its Phase 2a proof-of-concept study for SGX945. This is a treatment in development for Behçet’s Disease, which is a chronic inflammatory disorder that affects blood vessels, resulting in inflammation and other symptoms.
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Soligenix compared the data from its study to the results available from a Phase 3 apremilast study. It found that SGX945 had a 40% improvement rate after four weeks compared to the placebo arm of that Phase 3 clinical trial. After eight weeks, the improvement rate was 32%, despite treatment having stopped at week four.
Dr. Gülen Hatemi, lead investigator of the study, said, “As a twice weekly treatment, the durability of the response may indicate a favorable chronic use or maintenance profile for SGX945, particularly if it is available in a self-administered formulation.”
Soligenix Stock Movement Today
Soligenix stock was up 52.8% in pre-market trading on Thursday, following a 1.57% drop yesterday. The shares were also down 53.7% year-to-date and 71.53% over the past 12 months. Today’s movement came with heavy trading, as 52 million shares changed hands, compared to a three-month daily average of about 1.86 million units.
Is Soligenix Stock a Buy, Sell, or Hold?
Turning to Wall Street, only one analyst has covered Soligenix in the past three months. Alliance Global Partners’ James Molloy rates SNGX stock a Buy with a $6 price target, representing a potential 380% upside for the shares.
