Sol-Gel Technologies, Ltd. (NASDAQ:SLGL) on Wednesday provided an update following the unblinding of clinical data from its vehicle-controlled proof-of-concept Phase 1b study of SGT-210 on Darier disease.
Darier’s disease (keratosis follicularis) is a rare, inherited skin condition causing greasy, red-brown, bumpy growths (papules) mainly on oily areas like the scalp, chest, and back.
Following unblinding, the data from the vehicle-controlled Phase 1b proof-of-concept study did not show differentiation between SGT-210 and vehicle on the study’s efficacy assessments.
Mori Arkin, Executive Chairman of Sol-Gel, stated: “…we have therefore decided not to advance to the next stage of development in this indication. We intend to pursue very small, low-cost feasibility studies in other areas of unmet medical need where the mechanistic rationale for SGT-210 is strong.”
“We continue to prioritize the successful completion of our Phase 3 program of SGT-610 in Gorlin syndrome and preparatory activities supporting a potential Phase 3 program in high-frequency BCC, subject to successful completion of the Gorlin Phase 3 trial,” Arkin added.
Technical Analysis
Sol-Gel Technologies Ltd. (SLGL) is currently showing a strong technical setup, trading well above its key moving averages. The stock is positioned for potential continuation of its bullish trend, with the 20-day and 50-day SMAs both indicating positive momentum.
The RSI is currently at 57.25, which is considered neutral territory. This suggests that while the stock is not overbought, it still has room to gain momentum before hitting overbought levels.
MACD is above its signal line, indicating bullish momentum in the stock. This suggests that the current trend is strong, and traders may want to look for buying opportunities as long as this momentum holds.
Key support is at $34.50, while resistance is at $43.50. If the stock approaches the resistance level, it could signal a continuation of the uptrend, while a drop below support may indicate a potential reversal.
The golden cross in June, when the 50-day SMA crossed above the 200-day SMA, marked a significant bullish signal for the stock. This crossover often indicates a strong upward trend, which traders should keep in mind as they assess future price movements.
Over the past 12 months, SLGL has skyrocketed, gaining 735.02%. This impressive performance highlights the stock’s strong upward trajectory and suggests that it may continue to attract bullish sentiment.
Currently, SLGL is trading at 77.2% of its 52-week range, indicating it is closer to its highs than lows. This positioning suggests that traders should remain cautious as the stock approaches resistance levels, while also being aware of the potential for pullbacks.
Price Action: SLGL stock is down 6.81% at $39.26 at the last check on Wednesday.
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