Soligenix Inc (OTCBB:SNGX) Surges

[[tagnumber 0]][[tagnumber 1]]After it manage to gain some positions in the first half of the year we saw the stock of Soligenix Inc (OTCBB:SNGX) begin to slide down the charts. The past few months haven’t been very good to the ticker and we have seen it lose a lot of the value that it had previously gained.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Meanwhile, the efforts to push the stock up seemed worthless. Different outlets tried to promote the stock of the company setting high price targets. In the same time we got to see the numbers for [[tagnumber 6]]SNGX’s[[tagnumber 7]] second quarter of the year which were not very flattering, to say the least.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $4.03 million[[tagnumber 13]] [[tagnumber 12]]current assets: $5.01 million[[tagnumber 13]] [[tagnumber 12]]current liabilities: $8.88 million[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: $1.09 million[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $3.97 million[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Overall, we see a decline in cash and current assets while the liabilities have gone up significantly, mainly due to an increase in warrant liabilities. Meanwhile, the revenues have dropped and the net loss has increased nearly four times compared to the same period last year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Considering the declining financial state of the company we consider that a market cap of $31 million might be a little too steep for [[tagnumber 6]]SNGX[[tagnumber 7]] at the moment, despite the fact that Vista Partners set its price target for the ticker to $7 per share. This was the piece of PR that manage to push the company stock 14.29% up the charts to a close at $1.20 yesterday, a far cry from the price target.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Today’s session doesn’t show any signs that [[tagnumber 6]]SNGX[[tagnumber 7]] will continue to move up. The ticker is 5% in the red as of the writing of this article and may very well return to its downward slide.[[tagnumber 2]]