Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Soligenix (NASDAQ: SNGX) shares are rallying premarket on Thursday after the U.S. Food and Drug Administration (FDA) granted orphan drug designation to the active ingredient hypericin to treat T-cell lymphoma.
The decision from the FDA extends the target population beyond cutaneous T-cell lymphoma (CTCL).
Orphan drug designation will position the company to leverage a wide range of financial and regulatory benefits, including government grants for conducting clinical trials, waiver of expensive FDA user fees for the potential submission of a New Drug Application (NDA), and certain tax credits.
“The FDA's decision to grant and expand our hypericin orphan drug designation beyond CTCL signifies an important step for Soligenix as we continue to advance the program toward NDA filing in the first half of 2022,” stated Christopher Schaber, President & CEO of Soligenix.
Soligenix shares are up 16.19% premarket at $1.22.
One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .