Sangamo Biosciences, Inc. (NASDAQ:SGMO) announced that its collaborative zinc finger nuclease (ZFN)-mediated genome editing program for hemoglobinopathies will transfer to Bioverativ.
“Our collaboration with Biogen has been very successful, and we are delighted that these programs will be transitioning to Bioverativ,” said Sandy Macrae, M.B., Ch.B., Ph.D., Sangamo’s president and chief executive officer. “We believe that the incorporation of these programs into the Bioverativ pipeline will further progress the development of these potentially life-changing therapeutics.”
“We are excited to add Sangamo’s ZFN genome editing programs for sickle cell disease and beta-thalassemia to our pipeline, which will be focused on areas of significant unmet medical need in rare blood disorders,” said John G. Cox, chief executive officer of Bioverativ, and Biogen’s former executive vice president, pharmaceutical operations & technology. “We look forward to working with Sangamo to advance these important programs.”
In 2014, Sangamo and Biogen entered into an exclusive worldwide research, development and commercialization collaboration and license agreement under which both companies agreed to develop and commercialize therapeutic genome editing products for the potential treatment of two inherited blood disorders, sickle cell disease and beta-thalassemia. Bioverativ, the planned spin-off of Biogen’s hemophilia business, is on track to launch as an independent, publicly-traded biotechnology company in early 2017. (Original Source)
Shares of Sangamo Biosciences closed yesterday at $3.25. SGMO has a 1-year high of $9.91 and a 1-year low of $3.10. The stock’s 50-day moving average is $3.99 and its 200-day moving average is $5.34.
On the ratings front, SGMO has been the subject of a number of recent research reports. In a report issued on November 1, Wedbush analyst Liana Moussatos downgraded SGMO to Hold, with a price target of $4, which implies an upside of 23% from current levels. Separately, on October 27, Cowen’s Ritu Baral reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liana Moussatos and Ritu Baral have a yearly average return of 9.7% and 3.1% respectively. Moussatos has a success rate of 40% and is ranked #295 out of 4241 analysts, while Baral has a success rate of 36% and is ranked #976.
Overall, 2 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $4.00 which is 23.1% above where the stock closed yesterday.
Sangamo BioSciences, Inc. researches and develops transcription factors in the regulation of genesoperates. It focuses on the research, development and commercialization of engineered DNA-binding proteins for therapeutic genome editing and gene regulation technology platform is enabled by the engineering of a class of transcription factors known as zinc finger DNA-binding proteins.