Miv Investments Inc. has initiated an independent bullish technical trading alert for 11/11/09 on Soligenix, Inc. (OTC:SNGX.OB). Shares of the company finished the day at $0.220, up
15.79% from the opening bell on heavy buying pressure. The turning point in the price resulted from two heavy orders of 778,980 at $0.75, and 790,000 at $0.18, which signalled the start of a run up in price.
Soligenix's lead product orBec® represents a first-of-its-kind oral, locally acting therapy tailored to treat the gastrointestinal (GI) manifestation of Graft-versus-Host disease GVHD (GVHD), the organ system where GVHD is most frequently encountered and highly problematic. orBec® is currently being evaluated in a randomized, double-blind, placebo-controlled Phase 2 clinical trial for the prevention of acute GVHD after allogeneic hematopoietic cell transplantation (HCT) with myeloablative conditioning regimens.
The company anticipates completing phase II and releasing news on their findings for orBec's ability to prevent GVHD by year end.
For more information regarding Soligenix's current and future operations, visit the full Rodman & Renshaw recap here.
About Soligenix, Inc.
Soligenix, Inc. (Soligenix), formerly known as DOR BioPharma, Inc., is a late-stage biopharmaceutical company developing products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, and vaccines for certain bioterrorism agents. Soligenix's lead product, orBec® (oral beclomethasone dipropionate or BDP), is a potent, locally acting corticosteroid being developed for the treatment of GI GVHD, a common and potentially life-threatening complication of hematopoietic cell transplantation. orBec® is currently the subject of a confirmatory Phase 3 clinical trial for the treatment of acute GI GVHD and an NIH-supported, Phase 2, randomized, double-blind, placebo-controlled trial in the prevention of acute GVHD. Soligenix also expects to begin an NIH-supported Phase 1/2 clinical trial of SGX201 in radiation enteritis in the second half of 2009. Additionally, Soligenix has a Lipid Polymer Micelle (LPM(TM)) drug delivery technology for the oral delivery of leuprolide for the treatment of prostate cancer and endometriosis.
Through its Biodefense Division, Soligenix is developing biomedical countermeasures pursuant to the Project BioShield Act of 2004. Soligenix's lead biodefense product in development is a recombinant subunit vaccine called RiVax(TM) which is designed to protect against the lethal effects of exposure to ricin toxin. RiVax(TM) has been shown to be well tolerated and immunogenic in a Phase 1 clinical trial in normal volunteers. RiVax(TM) will also be the subject of a recent $9.4 million NIH grant received by the Company supporting development of new heat stable vaccines.
Technical Chart Analysis
Soligenix's stock seems to have bounced off the strong $0.18 support level set way back in June. Looking at the 6 month chart, we notice that the RSI still has an oversold representation, recently reaching the 30 point, where there seems to be strong sentiment for a buy signal. The current daily chart seems highly comparable to that of mid September, when the RSI was at a similar point which then bounced upwards to above the 70 line, causing the price to increase from $0.20 to $0.30. We also notice similar volume buys to that of mid September. The MACD and EMA trend lines have entered into the initial stages of a possible golden cross formation. What should be more noticeable for investors is the fact that the golden cross has happened 3 times before during the past 6 months, never failing, thus seems primed to happen once again in the next couple of days. Don't be too surprised to see the $0.30 resistance being tested once again shortly. For more information on the golden cross formation, visit this link here.
Disclosure: Long SNGX
