Shares of Soligenix (NASDAQ:SNGX) are surging higher by over 300% following an update on the biopharmaceutical company’s study of its HyBryte treatment. HyBryte focuses on patients with early-stage cutaneous T-cell lymphoma (CTCL). According to the press release:
“Patients have responded positively to HyBryte™ therapy with 75% (3 of the 4 subjects who have completed at least 12 weeks of therapy) already achieving “Treatment Success”, as predefined in the study’s protocol as ≥50% improvement in their cumulative mCAILS (modified Composite Assessment of Index Lesion Severity) score compared to Baseline,”
Two of the three “Treatment Success” patients achieved success within 12 weeks, while the last patient achieved success within 18 weeks.
The study was done on six patients. Two other patients are still early in the study and have not yet reached week six. The last patient showed positive signs at week 18 but has not yet achieved treatment success.
Moreover, none of the patients reported any adverse side effects. Soligenix now plans to conduct a Phase 3 placebo-controlled study of HyBryte later this year.
Soligenix’s insiders are set to see a big payday, as they received stock option awards in December. For example, chairman, CEO and President Christopher Schaber received options to acquire 150,000 shares.
5 Investors Betting Big on SNGX Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. However, these investors have largely ignored SNGX stock.
As of the first quarter, only 20 13F filers had a stake in Soligenix, a decline of two filers compared to the previous quarter. In fact, institutional investors own only 1.53% of Soligenix’s float.
With that in mind, let’s take a look at the top shareholders of SNGX:
- Chairman, CEO and President Christopher Schaber: 150,000 shares through stock options.
- Chief Strategy Officer Oreola Donini: 90,000 shares through stock options.
- CFO Jonathan Guarino: 90,000 shares through stock options.
- Chief Marketing Officer and Senior VP Richard Straube: 75,000 shares through stock options.
- Geode Capital Management: 56,799 shares. Geode acquired 6,603 shares during Q1.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
