Maxim Group analyst Jason McCarthy maintained a Buy rating on Soligenix (NASDAQ: SNGX) today and set a price target of $4. The company’s shares opened today at $1.16, close to its 52-week low of $0.91.
McCarthy commented:
“Soligenix raised $8M in capital via an equity financing; 7.8M shares (3.1M warrants, $2.25 exercise price) at the market, $1.03. Factoring in the associated dilution decreases our price target to $4, from $5.”
According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 9.5% and a 43.4% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.
Soligenix has an analyst consensus of Moderate Buy, with a price target consensus of $4.
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Based on Soligenix’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.38 million. In comparison, last year the company had a GAAP net loss of $2.31 million.
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Soligenix, Inc. engages in the development and commercialization of products to treat rare disease. It operates through the BioTherapeutics, and Vaccines/BioDefense segments.
