Home Equities Score Why Soligenix, Inc (SNGX) stock plummeted in the after-hours on Friday?

Why Soligenix, Inc (SNGX) stock plummeted in the after-hours on Friday?

Soligenix Inc. (SNGX) shares sank 25.78% to trade at $0.95 in after-market on Friday, May 7, 2021. Earlier, SNGX’s stock price remained unchanged to close Friday’s session at $1.28. SNGX shares have declined 20.50% over the last 12 months, and they have moved down 11.11% in the past week. Over the past three months, the stock has lost 22.42%, while over the past six months, it has shed 20.50%.

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Let’s see what’s going on with the SNGX?

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HyBrytePhase 3 data presentation

On May 4, 2021, Ellen Kim, MD, Medical Director, Dermatology Clinic, Perelman Center for Advanced Medicine and the Lead Principal Investigator for the Phase 3 FLASH (Fluorescent Light Activated Synthetic Hypericin) study presented confirmatory data at the Society for Investigative Dermatology (SID) Virtual Meeting, held May 3-8, 2021.

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The data confirmed the ability of HyBryte™ (SGX301) to treat both patch and plaque disease, including generating complete disease responses, with fewer side effects. The Phase 3 FLASH trial enrolled a total of 169 patients.

HyBryte™ (SGX301) is Soligenix’s novel, first-in-class, photodynamic therapy utilizing safe, visible light for activation.

Earlier, Ellen Kim presented the data related to the efficacy and safety of HyBryte™ (SGX301) in the treatment of cutaneous T-cell lymphoma (CTCL) at the American Academy of Dermatology (AAD) Association Virtual Meeting Experience, which held on April 23-25, 2021.

Potency demonstration of CiVax™ (COVID-19 vaccine)

On April 28, 2021, Soligenix, Inc. reported that the company has delivered a presentation demonstrating the potency of the CiVax™ (COVID-19 vaccine) development program in mice and non-human primates (NHPs), at the Annual Conference on Vaccinology Research (ACVR) which held on April 26-27, 2021.

Recent financial results

On March 30, 2021, Soligenix, Inc reported its financial results for the year ended December 31, 2020.

FY2020 financial highlights

  • Soligenix’searned revenues for $2.4 million for the year ended December 31, 2020, compared to $4.6 million for the year ended December 31, 2019.
  • It suffered a basic net loss of $17.7 million, or $0.64per share, for the FY2020 compared to $9.4 million, or $0.48 per share in FY2019.
  • In FY2020, the company spent $10.1 million in research and development expenses compared to $8.1 million in FY 2019.
  • General and administrative expenses were $4.0 million in the reported year as compared to $3.5 million for the year ended December 31,
  • The company had approximately $18.7 million of cash on December 31, 2020.

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Conclusion

There was no recent development behind its after-market loss on Friday. SNGX has many products in the pipeline and its price can go up upon approval of those products.

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