Soligenix Inc (OTCBB:SNGX) Sliding Lower
[[tagnumber 0]][[tagnumber 1]]The stock of Soligenix Inc (OTCBB:SNGX) was rather stable throughout the past couple of months and kept hovering around the $1 per share mark for quite some time. The volumes weren’t that big and they certainly were a factor in the stability.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]In the beginning of the week we saw the company issue an optimistic press release that managed to provide for some upward lift. This wasn’t so surprising. After all, [[tagnumber 6]]SNGX[[tagnumber 7]] has a rather small market cap compared to the numbers that it boasts in its latest financial filing.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $4 million[[tagnumber 13]] [[tagnumber 12]]current assets: $6 million[[tagnumber 13]] [[tagnumber 12]]current liabilities: $6.8 million[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: $3.9 million[[tagnumber 13]] [[tagnumber 12]]quarterly net income: $2.8 million[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Those numbers certainly look pretty decent for an OTC listed company, but we should not forget that [[tagnumber 6]]SNGX[[tagnumber 7]] was being traded on the AMEX for quite some time before being de–listed and pushed down to the over–the–counter marketplace.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Meanwhile, however, things have taken a turn for the worst. We see [[tagnumber 6]]SNGX[[tagnumber 7]] recording major losses in the past two sessions. Yesterday the ticker dropped a stunning 38.46% and closed at $0.56 for no apparent reason. Volumes have increased significantly and the 2.03 million traded shares generated $1.34 million in daily trade value.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Some news from earlier today seem to be capable of regaining some of the value that [[tagnumber 6]]SNGX[[tagnumber 7]] lost. The ticker is standing 25% in the green as of the writing of this article, despite the heavy trading. Still, that doesn’t mean that you should skip doing your due diligence and weighing out the risks before putting any money on the line.[[tagnumber 2]]
