Zacks Report Maintains $25 Valuation for Soligenix Despite Market's Muted Response to Clinical Trial Progress

Soligenix Inc. (NASDAQ: SNGX) has received a strong vote of confidence from Zacks Small-Cap Research despite what analysts describe as a puzzlingly muted market response to recent clinical trial milestones. The November 20, 2025 research report maintains a $25 per share valuation for the biopharmaceutical company based on a probability-adjusted discounted cash flow model that considers potential future revenues from its pipeline products. This valuation comes as Soligenix announced reaching milestone enrollment in its confirmatory Phase 3 FLASH2 trial of HyBryte(TM) for treating cutaneous T-cell lymphoma, with the overall blinded response rate standing at 48% for patients who have completed treatment.

The centerpiece of the Zacks analysis focuses on what is characterized as a "very encouraging" 48% blinded response rate, which represents nearly double what researchers had initially expected. With 50 patients now enrolled out of a planned 80-patient study, the company remains on track for the interim analysis to occur in the second quarter of 2026. The report indicates strong conviction about both the enrollment milestone and the clinical results while expressing puzzlement at the market's subdued response to what appears to be significant progress in the trial. When a late-stage clinical trial reports response rates this substantial yet the stock market barely reacts, seasoned analysts take notice and wonder if investors are missing something significant about the company's potential.

Soligenix, a New Jersey-based biopharmaceutical company focused on developing products to treat rare diseases where there is an unmet medical need, has been advancing HyBryte(TM) as a potential treatment for cutaneous T-cell lymphoma, a type of non-Hodgkin lymphoma that affects the skin. The company's recent announcement about reaching the enrollment milestone and the subsequent analysis from Zacks highlights the ongoing development of this treatment candidate. The latest news and updates relating to SNGX are available in the company's newsroom at https://ibn.fm/SNGX, providing investors with additional information about the company's progress and future developments.

The Zacks report's maintenance of the $25 per share valuation suggests that analysts see substantial potential in Soligenix's clinical programs despite the market's current lack of enthusiasm. This disconnect between clinical progress and market response raises questions about how investors evaluate biopharmaceutical companies during the clinical development phase. The probability-adjusted discounted cash flow model used by Zacks incorporates various scenarios for potential future revenues, suggesting that even with conservative assumptions, the company's current valuation may not reflect its true potential. As the FLASH2 trial continues toward its interim analysis in 2026, investors will be watching closely to see if the market eventually recognizes the significance of the clinical data that has already impressed analysts.