Soligenix, Inc. (SNGX) Shares Skyrocket on Preclinical Study Results
It’s a very rewarding trading day for investors in Soligenix, Inc. (NASDAQ:SNGX) with shares up over 60%, making the stock Wall Street’s bull of the day. The reason? The drug maker announced encouraging results from its ricin toxin vaccine (RiVax) development program. RiVax has demonstrated significantly enhanced thermostability and 100% protection in preclinical ricin aerosol challenge models.
In collaboration with the New York State Department of Health and the laboratory of Nicholas Mantis, Ph.D., Soligenix has been investigating immune correlates of protection in sera of animals vaccinated with RiVax™. The findings demonstrate that: 1) the ThermoVax®thermostabilization process significantly enhances the stability of the RiVax™ antigen; 2) degradation in the antigen can be measured with specific monoclonal antibodies; and 3) these same monoclonal antibodies can be used to probe the immune profile of vaccinated mice and primates and predict their survival to subsequent ricin exposure challenge.
These findings are expected to facilitate the potential approval of the RiVax™ product under the U.S. Food and Drug Administration (FDA) “Animal Rule” and represent a significant step forward in the understanding of ricin toxin immunology. This work was funded by the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health, via Contract #HHSN272201400039C.
On the ratings front, Maxim Group analyst Jason Kolbert reiterated a Buy rating on SNGX, with a price target of $4.00, in a report issued on March 27. The current price target represents a slight upside potential from current levels. According to TipRanks.com, Kolbert has a yearly average loss of 11.8%, a 31% success rate, and is ranked #4493 out of 4557 analysts.
Soligenix, Inc. is a clinical stage biopharmaceutical company, which engages in developing products to treat serious gastrointestinal diseases. It operates through the BioTherapeutics and Vaccines or BioDefense segments. The BioTherapeutics segment involves in the development of photodynamic therapy (SGX301) utilizing topical synthetic hypericin activated with safe visible light for the treatment of cutaneous T-cell lymphoma. The Vaccines or BioDefense segment includes active development programs for RiVax, ricin toxin vaccine candidate, OrbeShield, GI acute radiation syndrome therapeutic candidate, and SGX943, melioidosis therapeutic candidate.