In a report released today, Jason McCarthy from Maxim Group maintained a Buy rating on Soligenix (NASDAQ: SNGX), with a price target of $4. The company’s shares opened today at $1.40.
McCarthy noted:
“Soligenix reported 2Q18 with $1.7M in combined contract and grant revenue, operating expenses of $1.9M and a net loss of $1.6M. The company ended the period with $4.2M in cash, excluding the $8M in capital raised in July. Combined, we estimate the company currently has ~$12M in cash, or just over a year of runway. In addition, non-dilutive capital continues to come in and partially offset expenses.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 11.4% and a 45.2% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
Currently, the analyst consensus on Soligenix is a Moderate Buy with an average price target 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.
