Why Is Soligenix (SNGX) Stock Up 58% Today?


  • Soligenix (SNGX) stock is rising higher on Monday with an update from the U.S. Food and Drug Administration (FDA).
  • The agency granted it an orphan drug designation for MarVax.
  • That brings with it heavy trading of SNGX shares this morning.
SNGX Stock - Why Is Soligenix (SNGX) Stock Up 58% Today?

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Soligenix (NASDAQ:SNGX) stock is rocketing higher on Monday after getting an orphan drug designation for the active ingredient in MarVax.

This comes from the U.S. Food and Drug Administration’s (FDA) Office of Orphan Products Development. This specifically covers “the prevention and post-exposure prophylaxis against MARV infection.”

Christopher Schaber, President and CEO of Soligenix, said the following about the news:

“Although MARV has caused fewer outbreaks, they remain highly fatal and a significant risk in continental Africa, with the most recent outbreak occurring in 2023. There is no approved vaccine for MARV, and the only approved vaccines for filovirus type disease is specific to Zaire ebolavirus.”

What This Means for SNGX Stock

This designation helps Soligenix with its use of MarVax as a preventer of MARV infection. That includes additional support from the FDA during its development in the form of financial and regulatory benefits.

This positive news brings with it extra trading activity for SNGX stock today. That has more than 115 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is about 165,000 shares.

SNGX stock is up 58% as of Monday morning.

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On the date of publication, William White 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.

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