Truist Securities Upgrades Sangamo BioSciences (SGMO) to Buy

Truist Securities analyst Nicole Germino upgraded Sangamo BioSciences (NASDAQ: SGMO) from Hold to Buy with a price target of $7.00.

The analyst comments "With expenses streamlined, we could see potential upside in the next 12-18mos with more biz dev adding non-dilutive funding. We note SGMO has: 1) Phase 3 Hem A gene therapy BLA/MAA filing potentially in early 2025, which may also trigger a milestone payment; 2) Full data for Fabry disease anticipated in 1H25 with potential BLA filing in 2H25, which could be attractive for a partner to advance; 3) A platform gaining momentum from BD interest and providing upfront cash; and 4) An internal pipeline advancing with neuropathic pain asset moving forward to clinic in mid-2025. We update our model for 3Q; upgrade to Buy; and reinstate PT at $7."

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 $1.91 yesterday.

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