Analysts Maintain $25 Valuation for Soligenix Despite Market's Muted Response to Phase 3 Trial Results

Soligenix Inc. received updated analysis from Zacks Small-Cap Research following its announcement that milestone enrollment had been reached in the ongoing confirmatory Phase 3 FLASH2 trial of HyBryte™ for the treatment of cutaneous T-cell lymphoma. The Nov. 20, 2025, research report expressed strong conviction about the 50-patient enrollment milestone and encouraging clinical results while noting puzzlement at the market's subdued response. The report maintains Zacks' $25 per share valuation for Soligenix, based on a probability-adjusted discounted cash flow model that considers potential future revenues.

The centerpiece of the Zacks analysis focuses on what is characterized as a "very encouraging" 48% blinded response rate for patients who have completed treatment. When a late-stage clinical trial reports response rates nearly double what researchers expected, yet the stock market barely reacts, seasoned analysts take notice and wonder if investors are missing something significant. 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's maintained valuation suggests analysts see substantial unrealized potential in Soligenix's pipeline despite the muted trading activity following the clinical update.

The disconnect between strong clinical data and market response raises questions about how investors value early-stage biotech milestones versus later-stage clinical validation. For patients with cutaneous T-cell lymphoma, a 48% response rate in a Phase 3 trial represents significant therapeutic promise, yet this potential appears underappreciated in current market valuations according to the analyst perspective. The latest news and updates relating to SNGX are available in the company's newsroom at https://ibn.fm/SNGX.

The Zacks report represents a strong vote of confidence in Soligenix's clinical progress despite the financial markets' tepid reaction. The analysis suggests that the clinical data supporting HyBryte™ may warrant greater investor attention as the trial progresses toward its 2026 interim analysis. The maintained $25 per share valuation implies substantial upside from current trading levels, highlighting what analysts perceive as a market oversight regarding the company's developmental achievements. This situation illustrates the complex relationship between clinical science and market psychology in the biotechnology sector, where promising medical advances don't always translate immediately to financial recognition.