Soligenix (NASDAQ:SNGX) Share Price Passes Above Two Hundred Day Moving Average – Should You Sell?

Soligenix Inc. (NASDAQ:SNGX)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.09 and traded as high as $3.12. Soligenix shares last traded at $3.10, with a volume of 254,899 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Alliance Global Partners dropped their price objective on Soligenix from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Wall Street Zen downgraded Soligenix to a “strong sell” rating in a report on Saturday, August 16th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Soligenix has an average rating of “Buy” and an average price target of $6.00.

Soligenix Price Performance

The firm has a fifty day simple moving average of $2.14 and a 200 day simple moving average of $2.09. The company has a market cap of $13.30 million, a price-to-earnings ratio of -0.82 and a beta of 2.05.

Soligenix (NASDAQ:SNGX) last announced its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.79) by ($0.03). Analysts expect that Soligenix Inc. will post -4.65 earnings per share for the current year.

Institutional Investors Weigh In On Soligenix

A hedge fund recently raised its stake in Soligenix stock. Connective Capital Management LLC grew its holdings in Soligenix Inc. (NASDAQ:SNGX) by 17.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,481 shares of the biopharmaceutical company’s stock after acquiring an additional 17,848 shares during the quarter. Connective Capital Management LLC owned 3.67% of Soligenix worth $157,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 3.60% of the company’s stock.

About Soligenix

Soligenix, Inc, a late-stage biopharmaceutical company, focuses on developing and commercializing products to treat rare diseases in the United States. The company operates through two segments, Specialized BioTherapeutics and Public Health Solutions. The Specialized BioTherapeutics segment develops SGX301 (HyBryte), a novel photodynamic therapy, which has completed Phase III clinical trial for the treatment of cutaneous T-cell lymphoma; SGX942, an innate defense regulator technology that is in Phase III clinical trial for the treatment of inflammatory diseases, including oral mucositis in head and neck cancer; SGX302, an IDR technology which is in Phase IIa study to treat mil-to-moderate Psoriasis; and SGX945 and IDR technology that is in Phase IIa protocol for the treatment of Aphthous Ulcers in Behçet's Disease.