Soligenix Inc. (NASDAQ:SNGX) Short Interest Up 740.8% in October

Soligenix Inc. (NASDAQ:SNGX) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 1,030,000 shares, an increase of 740.8% from the September 30th total of 122,500 shares. Approximately 10.5% of the company’s shares are sold short. Based on an average daily trading volume, of 10,880,000 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily trading volume, of 10,880,000 shares, the days-to-cover ratio is currently 0.1 days. Approximately 10.5% of the company’s shares are sold short.

Hedge Funds Weigh In On Soligenix

An institutional investor recently bought a new position in Soligenix stock. Connective Capital Management LLC bought a new position in Soligenix Inc. (NASDAQ:SNGX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 101,633 shares of the biopharmaceutical company’s stock, valued at approximately $219,000. Connective Capital Management LLC owned approximately 3.11% of Soligenix as of its most recent filing with the Securities and Exchange Commission (SEC). 3.60% of the stock is owned by institutional investors and hedge funds.

Soligenix Price Performance

SNGX stock opened at $1.56 on Tuesday. The business has a 50-day moving average price of $2.27 and a 200 day moving average price of $2.03. The company has a market capitalization of $6.69 million, a P/E ratio of -0.41 and a beta of 1.95. Soligenix has a 1-year low of $1.09 and a 1-year high of $6.23.

Soligenix (NASDAQ:SNGX) last released its quarterly earnings data on Thursday, August 14th. The biopharmaceutical company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.03). On average, analysts anticipate that Soligenix will post -4.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

SNGX has been the subject of several research analyst reports. Alliance Global Partners decreased their target price on Soligenix from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Wall Street Zen downgraded Soligenix to a “strong sell” rating in a research report on Saturday, August 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Soligenix in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.00.

Soligenix Company Profile

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.