Soligenix Inc (OTCBB:SNGX) Sinking Like A Stone

[[tagnumber 0]][[tagnumber 1]]Last Friday we wrote about Soligenix Inc (OTCBB:SNGX) after the latest PR touting the company was issued by Vista Partners who put a price target of $7 per share for the company stock and managed to generate a decent 14.29% gain in Thursday’s session.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Unfortunately, the week didn’t end very well for [[tagnumber 6]]SNGX[[tagnumber 7]] and we saw the ticker lose 11.67% of its value, closing just above the $1 per share mark at $1.06, a far cry from the price targets that different outlets are setting for [[tagnumber 6]]SNGX[[tagnumber 7]] for quite some time now. The fact that the ticker fails to even come close to those prices is that the company has a rather high value, compared to the declining financials.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $4.03 million[[tagnumber 15]] [[tagnumber 14]]current assets: $5.01 million[[tagnumber 15]] [[tagnumber 14]]current liabilities: $8.88 million[[tagnumber 15]] [[tagnumber 14]]quarterly revenues: $1.09 million[[tagnumber 15]] [[tagnumber 14]]quarterly net loss: $3.97 million[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Those certainly aren’t bad numbers for a company listed on the OTC marketplace, but the fact is that they are declining. As we previously wrote, the cash and current assets have declined while we see an increase in liabilities that should not be underestimated. In the same time we see that the revenues have dropped while the net loss has gone up four times compared to the same period last year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This is why it wasn’t surprising to see [[tagnumber 6]]SNGX[[tagnumber 7]] lose another 14.14% in yesterday’s session. As the ticker was going for a close at $0.9101 we saw a total of 311 thousand shares change their owners and generated $308 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]It seems, however, that [[tagnumber 6]]SNGX[[tagnumber 7]] can’t be held under the $1 mark for long and the company stock is 19.77% up as of the writing of this article. Still, you should be sure to do your due diligence and weigh out the risks before attempting any trades.[[tagnumber 2]]