Zacks Report Maintains $25 Valuation for Soligenix Following Encouraging Phase 3 Trial Data

Soligenix Inc. (NASDAQ: SNGX) has received continued strong analytical support from Zacks Small-Cap Research following the company's announcement of reaching a 50-patient enrollment milestone in its confirmatory Phase 3 FLASH2 trial. The November 20, 2025, research report expressed puzzlement at the market's muted response to what it characterized as "very encouraging" clinical data, particularly a 48% blinded response rate for patients who have completed treatment with HyBryte(TM) for cutaneous T-cell lymphoma.

The Zacks analysis maintains its $25 per share valuation for Soligenix based on a probability-adjusted discounted cash flow model that considers potential future revenues. This valuation persists despite what the report describes as investor indifference to clinical results that show response rates nearly double what researchers had anticipated. The 48% blinded response rate represents a significant clinical milestone for the New Jersey-based biopharmaceutical company, which focuses on developing treatments for rare diseases with unmet medical needs.

With 50 patients now enrolled out of a planned 80-patient study, Soligenix remains on track for an interim analysis to occur in the second quarter of 2026. The company's progress in the FLASH2 trial represents a critical step toward potential regulatory approval for HyBryte(TM) as a treatment for cutaneous T-cell lymphoma, a rare form of non-Hodgkin lymphoma that affects the skin. The trial data is available through the company's announcement at https://ibn.fm/Ol9Er.

The implications of this analysis extend beyond Soligenix's immediate financial valuation. For the biotechnology sector, the disconnect between strong clinical data and market response highlighted in the Zacks report raises questions about how investors evaluate clinical trial milestones in rare disease treatments. The report's maintained $25 valuation suggests analysts see substantial upside potential from current trading levels, potentially indicating undervaluation by the broader market.

For patients with cutaneous T-cell lymphoma, the 48% response rate represents potential progress toward new treatment options for a condition with limited therapeutic alternatives. The ongoing Phase 3 trial's success could address significant unmet medical needs in the oncology space, particularly for rare cancers that receive less research attention than more common malignancies. The company's continued enrollment progress toward the 80-patient target demonstrates steady clinical development momentum.

The Zacks report's analysis suggests that the market may be overlooking the significance of Soligenix's clinical achievements, creating what analysts might view as a potential investment opportunity. The maintained valuation model indicates confidence in the company's ability to generate future revenue from HyBryte(TM) should it receive regulatory approval following successful trial completion. This analytical perspective provides important context for understanding the potential long-term value of Soligenix's clinical development program beyond short-term market reactions.