Piper Jaffray Downgrades Sangamo BioSciences (SGMO) to Neutral

October 19, 2016 10:59 AM EDT
Get Alerts SGMO Hot Sheet
Price: $4.10 --0%

Rating Summary:
    8 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 12 | New: 44
Trade SGMO Now!
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

Piper Jaffray downgraded Sangamo BioSciences (NASDAQ: SGMO) from Overweight to Neutral with a price target of $5.00 (from $9.00).

Analyst Charles Duncan commented, "This morning Sangamo announced the departure of its EVP of R&D and shares are trading off. This comes after several challenges in the development pipeline and delays to timelines, as recently as August. Today’s news highlights to us that, with the CEO change earlier this year, we lack visibility on Sangamo’s focus and milestones for the next 12+ months. That said, we continue to believe the company has been a leader in gene editing and therapy to-date, and continues to have a differentiated and largely proprietary platform technology with potential broad applicability – so maybe the change in leadership is a long term positive. However, likely course correction will not be immediate and thus we are stepping to the sidelines with a Neutral rating until we see evidence of focused clinical progress and execution from an emerging pipeline."

For an analyst ratings summary and ratings history on Sangamo BioSciences click here. For more ratings news on Sangamo BioSciences click here.

Shares of Sangamo BioSciences closed at $3.90 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change, Downgrades

Related Entities

Piper Jaffray, Charles Duncan

Add Your Comment