Shares of the Soligenix, Inc. (SNGX) stock were rising in the current market trading session today on January 4, 2022. SNGX stock price saw a push of 12.08% to reach $0.77 a share at the time of this writing. The trading volume was 7,953,965 on the last check, far higher than the average trading volume. Let’s take a closer look at SNGX stock to understand the current bullish sentiment.
What’s Happening?
SNGX stock became bullish after the company reported the effectiveness of the dusquetide in reducing tumor size in nonclinical xenograft models. The results from the studies demonstrated the efficacy of dusquetide as a standalone anti-tumor therapy. In Phase 2 clinical trial, Dusquetide proved to be effective in reducing severe oral mucositis duration. In Phase 3 clinical trial, Dusquetide reduced the SOM rates in the per-protocol population.
Soligenix will continue to explore the opportunities of dusquetide in both reductions of oral mucositis as well as an anti-cancer treatment. The product also showed increased overall survival and speedy clearance of tumor response in the Phase 2 clinical trial. Such results are not only creating a positive impact for the company but also adding value for the shareholders of SNGX stock.
Financial View of SNGX stock:
- According to third-quarter 2021 financial results, the company generated $0.2 million in revenue in the reported period. This compares to $0.6 million in revenue in the same tenure of the previous year.
- Basic net loss in the third quarter of 2021 was $3.6 million as compared to $1.8 million in the same quarter of last year.Net loss per share of the SNGX stock was $0.09 per share.
- The company spent $2.5 million in research and development expenses in the third quarter of 2021. These expenses were $1.3 million in the same period of the previous year.
- General and administrative expenses of the company were $0.9 million in the recently reported quarter. In the same quarter of the previous year, these expenses were $0.8 million.
- Soligenix ended the third quarter of 2021 with $29 million in cash position.
Wrap Up:
Investors are responding positively to the SNGX stock after the recent announcement by the company regarding dusquetide. The sentiment for this stock is positive in the social media communities resulting in an increase in the per-share price. However, the stock has lost 1.26% in the last thirty days and 41.21% in the last six months.
