After its mega tank this morning, Soligenix Inc. (OTCBB: SNGX) is trying to battle back and is now trading almost 55% off its daily low! Obviously, this may not be the longest-term of trades, but a nice little bounce could be what the “doctor” ordered here.

SNGX is a late-stage biopharmaceutical company that focuses on the development of products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, as well as biodefense vaccines and therapeutics.

SNGX announced that an independent Data Safety Monitoring Board (DSMB) recently completed a pre-specified interim analysis for safety and futility for SNGX’s confirmatory phase 3 clinical trial of orBec® to treat acute gastrointestinal Graft-versus-Host disease (GI GVHD).

SNGX said it will follow DSMB’s recommendation that the study be stopped as it is highly unlikely to achieve the predetermined primary objective of efficacy based on the interim results.

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The intraday indicators are giving signals for a possible reversal trend on the short term chart, but let’s be fair… SNGX is down 80%!

The Bottom Line

You may want to find an entry on SNGX for a bounce, but remember that the future may be bleak for this stock at least for a little while, until it can manage overcoming the trial data. Unless this stock is going bankrupt, 80% does seem a little drastic! At the very least, investors should watchlist this stock for the future.

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Good Luck,

Ian Decker

Disclosure: No Position

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