Get the Latest Investment Ideas Delivered Straight to Your Inbox.

TICKERS: SGMO

Sangamo Shares Trade 30% Higher on Q4 Earnings and Biogen Collaboration

Source:

Sangamo Therapeutics shares traded higher after the company reported Q4/19 and FY/19 earnings and advised that it signed a global collaboration agreement with Biogen to develop gene regulation therapies for Alzheimer's, Parkinson's, neuromuscular and neurological diseases.

This morning prior to the U.S. markets open, genomic medicine company Sangamo Therapeutics Inc. (SGMO:NASDAQ), reported fourth quarter and full-year 2019 financial results and recent business highlights.

The report comes one day after the firm announced that it entered into a global collaboration agreement with Biogen Inc. (BIIB:NASDAQ) to develop and commercialize gene regulation therapies for Alzheimer's, Parkinson's, neuromuscular and other neurological diseases. Under the terms of the agreement, "Biogen has exclusive global rights to ST-501 for tauopathies including Alzheimer's disease, ST-502 for synucleinopathies including Parkinson's disease, and a third undisclosed neuromuscular disease target."

The company's CEO Sandy Macrae commented, "This quarter marked an important milestone for Sangamo, as we transitioned to a Phase 3 company following the transfer of the IND for SB-525 hemophilia A gene therapy to our partner Pfizer Inc. (PFE:NYSE), who plan to commence the registrational study this year. This is a significant step in our mission to bring our genomic medicines to patients...This year we also look forward to progressing our wholly owned assets, ST-920 gene therapy for Fabry disease and TX200 CAR-Treg cell therapy, in the clinic, and will work closely with our collaborator, Kite, a Gilead Sciences Inc. (GILD:NASDAQ) company, as they advance KITE-037, an anti-CD19 allogeneic CAR-T therapy into a Phase 1/2 clinical trial."

The company reported Revenues for Q4/19 of $54.9 million, compared to $26.8 million for Q4/18, and consolidated net income of $4.6 million, or $0.04 per share, compared to -$18.7 million, or -$0.18 per share in the same corresponding period.

For FY/19 the firm stated that Revenues were $102.4 million, compared to $84.5 million in FY/18, and a consolidated net loss of -$95.2 million, or -$0.85 per share, compared to a consolidated net loss -$68.3 million, or -$0.70 per share in FY/18.

The company advised that it expects FY/20 GAAP total operating expenses will be in the range of $270-$285 million and FY/20 Non-GAAP total operating expenses are estimated to be in the range of $245-$260 million.

Sangamo Therapeutics is based in Brisbane, Calif. and states that "it is committed to translating ground-breaking science into genomic medicines with the potential to transform patients' lives using gene therapy, ex vivo gene-edited cell therapy, and in vivo genome editing and genome regulation."

Sangamo Therapeutics began the day with a market capitalization of around $772.7 million billion with approximately 115.9 million shares outstanding and a short interest of about 15.3%. SGMO shares opened more than 30% higher today at $8.93 (+$2.265, +33.40%) over yesterday's $6.665 closing price. The stock has traded today between $8.02 to $9.19 per share and is currently trading at $8.675 (+$2.01, +30.16%).

[NLINSERT]

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.




Learn More about Which Online Broker is Right for You?

Want to read more about Biotechnology / Pharmaceuticals investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe