Brean Murray Starts Sangamo Biosciences (SGMO) at Sell
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Brean Murray initiates coverage on Sangamo Biosciences Inc. (Nasdaq: SGMO) with a Sell rating and $5 price target.
The firm said, "We believe the key negative catalyst for Sangamo will be Phase 2 failures of SB-509 in mild-to-moderate and moderateto- severe diabetic neuropathy in 4Q08. We believe that failures in these Phase 2 programs will dramatically reduce investor optimism for the therapeutic potential of the remaining ZFP pipeline, including SB-509 in several other indications, another VEGF-targeted ZFP therapeutic in Phase 1 for cardiovascular indications, and several preclinical ZFP programs. Guilt by association is an inescapable weakness of having a therapeutic pipeline consisting of mechanistically related product candidates."
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