Soligenix (NASDAQ:SNGX) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Soligenix Inc. (NASDAQ:SNGX)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.00 and traded as high as $2.85. Soligenix shares last traded at $2.44, with a volume of 944,911 shares.

Analysts Set New Price Targets

Separately, Alliance Global Partners decreased their price target on shares of Soligenix from $10.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th.

Soligenix Stock Performance

The firm has a market capitalization of $7.95 million, a PE ratio of -0.57 and a beta of 1.95. The company’s fifty day moving average price is $1.73 and its two-hundred day moving average price is $2.00.

Soligenix (NASDAQ:SNGX) last announced its quarterly earnings data on Friday, May 9th. The biopharmaceutical company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.39). On average, equities analysts expect that Soligenix Inc. will post -4.65 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Soligenix stock. Connective Capital Management LLC acquired a new position in shares of Soligenix Inc. (NASDAQ:SNGX) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 101,633 shares of the biopharmaceutical company’s stock, valued at approximately $219,000. Connective Capital Management LLC owned 3.11% of Soligenix at the end of the most recent reporting period. Institutional investors and hedge funds own 3.60% of the company’s stock.

Soligenix Company Profile

Soligenix, Inc, a late-stage biopharmaceutical company, focuses on developing and commercializing products to treat rare diseases in the United States. The company operates through two segments, Specialized BioTherapeutics and Public Health Solutions. The Specialized BioTherapeutics segment develops SGX301 (HyBryte), a novel photodynamic therapy, which has completed Phase III clinical trial for the treatment of cutaneous T-cell lymphoma; SGX942, an innate defense regulator technology that is in Phase III clinical trial for the treatment of inflammatory diseases, including oral mucositis in head and neck cancer; SGX302, an IDR technology which is in Phase IIa study to treat mil-to-moderate Psoriasis; and SGX945 and IDR technology that is in Phase IIa protocol for the treatment of Aphthous Ulcers in Behçet's Disease.