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Sangamo Biosciences (SGMO) Slumps On Analyst "Sell" Rating
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Shares of Sangamo Biosciences Inc. (Nasdaq: SGMO) are under heavy pressure today (-12.9%) after an analyst at Brean Murray started coverage on the biotech company with a dreaded "Sell" rating.
The firm expects the failure of the company's SB-509 drug in mild-to-moderate and moderate-to- severe diabetic neuropathy.
The firm said the failure of the drug in these trials 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."
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