Brean Capital Maintains Buy On Soligenix Following NIAID Contract Award
In a research report issued today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Soligenix (OTC:SNGX) with a $5 price target, following today’s news that the company was awarded a NIAID contract of up to $24.7 million to support the development of RiVax vaccine.
Aschoff noted, “The NIAID contract consists of a base contract providing $5.8 million over a 16-month period, followed by several optional contracts that extend the contract term for up to 6 years. Should all optional contracts be exercised, the total grant of $24.7 million would be sufficient for the preclinical, manufacturing, and clinical development of RiVax. Given the NIH contract together with existing BARDA and NIH contracts for the OrbeShield GI ARS program, we believe Soligenix’s biodefense business segment is well-funded. Earlier this week, the FDA agreed on the design of a Phase 3 trial with SGX301 (synthetic hypericin) for cutaneous T-cell lymphoma (CTCL), an orphan disease that affects about 50K patients in the US. We look forward to the initiation of the Phase 3 trial in 1H15 and primary data in 2H16. The Phase 3 trial will be a highly powered, double-blind, randomized, placebo-controlled, multicenter trial involving 120 patients. Patients will be followed for an additional 6 months after the completion of treatment. The primary endpoint is response measured by the CAILS (Composite Assessment of Index Lesion Severity) score evaluating the three worst index lesions at the end of the first cycle.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of 14.8% and a 54.3% success rate. Aschoff is ranked #221 out of 3304 analysts.