Soligenix Inc (SNGX) Stock Makes A Bullish Move: Time To Buy?
Late stage biopharmaceutical firm Soligenix Inc (NASDAQ:SNGX) was in considerable focus among investors yesterday and emerged as one of the notable gainers as investors piled on to it in a big way. The stock soared by as much as 26% yesterday but at the same time, it is necessary for investors to keep in mind that there was no news about the company that could have led to such gains. In this situation, it might be necessary to take a look at a development from last month.
The company announced on June 9 that it received non-dilutive financing to the tune of as much as $865000 from the Technology Business Tax Certificate Transfer Program overseen by the state of New Jersey. The sum is net of all transaction costs.
The President and Chief Executive Officer of the company Christopher J. Schaber spoke about this development as well. He said that this latest round of non-dilutive financing further adds to the kitty of non-dilutive financing from the government that the company has received in recent times. He went on to add that it was a ‘welcome addition’. It should be noted that it was the eleventh straight year in which Soligenix received funding for its net operating losses.
Market Reaction:
On Tuesday, SNGX stock soared 26% at $1.31 with more than 4.31 million shares, compared to its average volume of 768k shares. The stock had moved within a range of $1.0200 – 1.3200 after opening the trade at $1.04. Over the past 52-week, the stock has been trading within a range of $0.8600 – 2.9900.
