Soligenix (SNGX) Gets a Buy Rating from Maxim Group

By Carrie Williams

Maxim Group analyst Jason McCarthy maintained a Buy rating on Soligenix (SNGXResearch Report) yesterday and set a price target of $4. The company’s shares closed yesterday at $0.83, close to its 52-week low of $0.65.

McCarthy commented:

“Soligenix reported 1Q19 with a net loss of ($1.6M). The company received $1.1M in non-dilutive funding (grants and RiVax contracts) supporting pipeline programs. Soligenix ended the period with $7.2M in cash, although we anticipate the company should continue to receive non-dilutive funding that will extend the runway.”

According to TipRanks.com, McCarthy is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -13.2% and a 26.5% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries Limited, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.

Soligenix has an analyst consensus of Moderate Buy, with a price target consensus 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 $1.6 million. In comparison, last year the company had a GAAP net loss of $2.38 million.

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Soligenix, Inc. engages in the development and commercialization of products to treat rare disease. It operates through the following segments: BioTherapeutics and Vaccines/BioDefense.