Wedbush Lowers Price Target on Sangamo BioSciences (SGMO) Following Offering of 6.7 Million Shares
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Price: $0.18 --0%
Rating Summary:
8 Buy, 7 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 7 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Outperform rating on shares of Sangamo BioSciences (NASDAQ: SGMO), but is lowering its price target from $14 to $12.
The Company recently completed an equity offering of 6.7 million shares for $7.70 per share. This offering raised $57.6 million in net proceeds and moves SGMO's total share count to ~53 million.
With the $57.6 million that the Company just generated being combined with the $60 million in cash that it ended 2010 with, the firm believes SGMO's strong balance sheet puts it on firm negotiating grounds for a potential therapeutic partnership for SB-509 or SB-728-T should the clinical data turn out positive in H2:11.
The firm is raising its 2011 EPS estimate from a loss of $0.54 to a loss of of $0.48. Wedbush's 2012 estimate is a loss of $0.44.
For more ratings news on Sangamo BioSciences click here and for the rating history of Sangamo BioSciences click here.
Shares of Sangamo BioSciences closed at $7.42 yesterday.
The Company recently completed an equity offering of 6.7 million shares for $7.70 per share. This offering raised $57.6 million in net proceeds and moves SGMO's total share count to ~53 million.
With the $57.6 million that the Company just generated being combined with the $60 million in cash that it ended 2010 with, the firm believes SGMO's strong balance sheet puts it on firm negotiating grounds for a potential therapeutic partnership for SB-509 or SB-728-T should the clinical data turn out positive in H2:11.
The firm is raising its 2011 EPS estimate from a loss of $0.54 to a loss of of $0.48. Wedbush's 2012 estimate is a loss of $0.44.
For more ratings news on Sangamo BioSciences click here and for the rating history of Sangamo BioSciences click here.
Shares of Sangamo BioSciences closed at $7.42 yesterday.
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