SNGX Stock More Than Doubles In Pre-Market, Eyes $1 Breakout For First Time In A Month – Ebola Vaccine Optimism Fuels Retail Frenzy

• Soligenix said its thermostable platform can quickly advance the development of a single-vial Bundibugyo virus vaccine.
• The company has developed the platform in partnership with the University of Hawai’i
• Short interest in the stock is at a six-month high, according to Koyfin data.

Shares of Soligenix (SNGX) surged more than 110% in Wednesday’s pre-market session, putting the biotech stock on pace to reclaim the crucial $1 level for the first time in a month after investors rushed in on optimism surrounding potential vaccine development efforts tied to the latest Ebola outbreak.

SNGX shares are poised to break above the key 100-day moving average for the first time in a month, and could extend a four-session rally that has lifted the stock more than 34%.

Short interest in the stock is at a six-month high, according to Koyfin data.

SNGX, Hawai’i University Tie Up

On Tuesday, Soligenix said it has developed thermostable vaccine formulations in partnership with the University of Hawaii that can be stored and shipped more easily in regions affected by the virus.

It added that, with enough funding, it could quickly advance development of a single-vial Bundibugyo virus vaccine that may simplify global vaccination and booster efforts.

“A single-vial subunit vaccine that can be shipped at ambient temperatures and then needs to only be reconstituted with sterile water immediately prior to use has the potential to improve vaccination efforts globally by simplifying storage and distribution logistics not only as a stand-alone vaccine, but also as a practical add-on booster in persons previously vaccinated with other vaccines,” said Axel Lehrer, a professor at the university.

“Given adequate funding, we are confident we could rapidly advance development of a thermostable Bundibugyo virus vaccine, individually or in combination with vaccines developed previously.”

Over 220 Suspected Deaths From Ebola

Health officials have been scrambling to contain the spread of the Ebola outbreak in the Democratic Republic of Congo and Uganda, with authorities ramping up monitoring efforts following the emergence of new infections in the region.

The Centers for Disease Control and Prevention has also called for tighter screening measures for travelers arriving from affected countries.

Earlier this month, the World Health Organization (WHO) classified the outbreak as a public health emergency of international concern. The agency said the outbreak has resulted in more than 900 suspected infections and 223 suspected deaths.

What Is Retail’s Take On SNGX?

The stock has generated significant retail interest, with sentiment on Stocktwits turning ‘extremely bullish’ from ‘bullish’ a day earlier, while chatter on the counter increased by nearly 14,000% over a 7-day period.

One user saw resistance between $1.13 and $1.15.

Another user highlighted the company’s strong pipeline.

The stock has been under heavy selling pressure so far this year, declining more than 63%.

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