Ever since Soligenix, Inc. (OTC:SNGX) took a huge nosedive, losing as much as 80% in value on Sept. 15, it has had trouble regaining its market positions. As you might still remember, this major slump came hard on the heels of a very disappointing piece of news. So disappointing that it left little doubt whether SNGX stock will ever strike back.
Judging from what SNGX did yesterday, however, there might be light at the end of the tunnel. By the end of the session, SNGX gained 37% to a 10-week high of $0.0399 per share. This surge also marked the company’s highest percentage gain since mid-September. A total of 1 million shares changed hands, which is considerably higher than the average daily turnover of approx. 620K.
While there was no news to support SNGX’s market ride yesterday, a brand-new press release saw the light of day just a couple of hours ago. In a nutshell, the company reported to have received non-dilutive financing in excess of $0.5 million via a state-backed technology program.
The company’s financial results for the third calendar quarter of 2011 contained the following figures among others:
- $7.2M in cash and cash equivalents;
- $6.2M in net working capital;
- net quarterly income of $2.2M.
In the light of what happened in mid-September, however, the company’s Q4 results will hardly bear any resemblance to the ones mentioned above.
