Soligenix (NASDAQ:SNGX) Share Price Crosses Above 200 Day Moving Average – Should You Sell?

Soligenix Inc. (NASDAQ:SNGX)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.13 and traded as high as $2.86. Soligenix shares last traded at $2.79, with a volume of 126,542 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SNGX. Alliance Global Partners lowered their price target on shares of 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 cut shares of Soligenix to a “strong sell” rating in a report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $6.00.

Soligenix Stock Performance

The firm’s 50 day simple moving average is $2.49 and its 200 day simple moving average is $2.13. The firm has a market capitalization of $11.97 million, a price-to-earnings ratio of -0.73 and a beta of 2.05.

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

Institutional Trading of Soligenix

A hedge fund recently raised its stake in Soligenix stock. Connective Capital Management LLC raised its holdings in shares of Soligenix Inc. (NASDAQ:SNGX) by 17.6% in the 2nd quarter, according to the company in its most recent 13F filing 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 period. Connective Capital Management LLC owned approximately 3.67% of Soligenix worth $157,000 at the end of the most recent quarter. 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.