Sangamo Therapeutics Shares Increase On Better Than Expected Results
Warrior Trading | May 11, 2017 08:50AM ET
Sangamo Therapeutics Inc (NASDAQ:SGMO)
Sangamo Therapeutics, Inc. (SGMO), a clinical stage biopharmaceutical company yesterday reported their first quarter 2017 financial results. Sangamo reported a first quarter earnings loss of $0.23 per share which beat analyst expectations of a loss of $0,26 per share.
Sangamo reported a first quarter revenues of $3.4 million which fell short of analyst expectations of $3.9 million. Sangamo also announced that it will receive a $70 million payment from Pfizer (NYSE:PFE) for a marketing collaboration for a hemophilia A treatment.
h3 Sangamo Therapeutics, Inc. CEO’s Comments/h3h3 SGMO Technical Analysis/h3
“Our team continues to make significant operational progress across all four lead clinical programs. Three Phase 1/2 in vivo genome editing clinical trials are now screening subjects, and the fourth trial evaluating SB-525, a cDNA gene therapy approach for Hemophilia A, will open later this quarter,” said Dr. Sandy Macrae, CEO of Sangamo. “We are initiating multiple sites for each program over the next few months to ensure we can accrue patients rapidly into these studies. We remain on course and expect to announce data from each program late this year or in early 2018.” PR Newswire
Sangamo Therapeutics Chart
SGMO opened trading yesterday at $4.30 which was down from the previous day’s trading close of $4.40. SGMO closed trading yesterday at $4.35 and spiked up after market to $6.30, equivalent to a 45% increase from the closing price. Taking a look at the daily chart we can see that the last time SGMO traded above these levels we have to go back to August 3rd, 2016 when it traded at $6.84.
Taking a closer look at the daily chart we can see that before the spike up SGMO had already been in an overall upward trend dating back to December 28th when it traded at $2.90. SGMO has a float of 65.32 million shares and traded 1.81 times the normal daily trading volume on Wednesday.
For trading purposes, I would like to see SGMO open trading on Thursday above $5.65 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
h3 Company Profile/h3
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Sangamo Therapeutics, Inc., a clinical stage biopharmaceutical company, focuses on translating ground-breaking science into genomic therapies that transform patients’ lives using platform technologies in genome editing, gene therapy, gene regulation, and cell therapy. The company’s proprietary zinc finger DNA-binding protein (ZFP) technology enables specific genome editing and gene regulation. The ZFPs could be engineered to make ZFP nucleases (ZFNs), proteins that could be used to specifically modify DNA sequences by adding or knocking out specific genes; and ZFP transcription factors (ZFP TFs), proteins that can be used to turn genes on or off. Its therapeutic products include SB-728-T, a ZFN-mediated autologous T-cell product for human immunodeficiency virus and acquired immunodeficiency syndrome (HIV/AIDS), which is in Phase II and Phase I clinical trials; and SB-728-HSPC that is in Phase I/II clinical trials for HIV/AIDS.
The company also engages in Phase I/II studies of in vivo genome editing applications of ZFP Therapeutics for hemophilia B, Hemophilia A, and Mucopolysaccharidosis I (MPS) and MPS II, which are lysosomal storage disorder (LSD); proprietary preclinical programs in other LSDs; and research stage programs in certain central nervous system disorders and cancer immunotherapies. It has collaborative partnerships with Biogen (NASDAQ:BIIB) Inc. to develop therapeutic genome editing products in hemoglobinopathies; and with Shire International GmbH to develop the preclinical development program in Huntington’s disease, as well as license agreement with Sigma-Aldrich Corporation to develop ZFP-based laboratory research reagents and Dow AgroSciences, LLC to modify the genomes or alter protein expression of plant cells, plants, or plant cell cultures. The company was formerly known as Sangamo BioSciences, Inc. and changed its name to Sangamo Therapeutics, Inc. in January 2017. Sangamo Therapeutics, Inc. was founded in 1995 and is headquartered in Richmond, California.
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