24/7 Market News Snapshot 06 Aug 2024 – Sangamo Therapeutics, Inc. Common Stock (NASDAQ: SGMO)
DENVER, Colo., 06 August, 2024 (247marketnews.com) – (Nasdaq:SGMO) are discussed in this article.
Sangamo Therapeutics, Inc. (SGMO) has recently experienced a substantial surge in stock price, underlining notable bullish momentum. The stock opened at $1.05 and peaked at an intraday high before closing at $0.975, marking a remarkable 52.88% increase from the market open, fueled by an extraordinary trading volume of 102.0 million shares. This significant price movement accentuates growing investor confidence and heightened trading activity, positioning SGMO as a compelling investment prospect with strong market interest and potential future growth.
In addition to its recent market performance, Sangamo Therapeutics has announced major advancements within its genomic medicine portfolio through strategic collaborations and clinical milestones. The company has finalized an extensive global epigenetic regulation and capsid delivery license agreement with Genentech, aiming to develop groundbreaking genomic treatments for neurodegenerative diseases. This partnership promises $50 million in near-term upfront license fees and milestone payments, with potential future earnings up to $1.9 billion plus tiered royalties on net sales.
Sangamo is also celebrating encouraging outcomes from the Phase 3 AFFINE trial conducted in collaboration with Pfizer for giroctocogene fitelparvovec, an investigational gene therapy for Hemophilia A. The trial showed significant reductions in annualized bleeding rates, marking a vital milestone toward transformative treatments for Hemophilia A patients.
Moreover, Sangamo’s Fabry disease program is progressing admirably with the Phase 1/2 STAAR study of isaralgagene civaparvovec, producing promising clinical data. Impressively, 17 out of 18 patients have successfully discontinued enzyme replacement therapy and are maintaining improved kidney function.
Sangamo’s innovative progress extends to neurology-focused preclinical programs, with its novel delivery capsid, STAC™-BBB, showing exceptional blood-brain barrier penetration in preclinical models. This positions the company as a leader in developing therapies targeting the central nervous system.
CEO Sandy Macrae emphasized the significance of these milestones, particularly the agreement with Genentech, highlighting the potential of Sangamo’s advanced gene editing and delivery platforms. Despite a dip in Q2 2024 revenues due to the termination of collaborations with Biogen and Novartis, Sangamo remains financially robust, with cash and cash equivalents at $27.8 million as of June 30, 2024, and anticipates near-term payments from Genentech to fund operations into early 2025.
Sangamo’s leadership is slated to discuss these advancements at upcoming industry conferences, inviting investors to join a detailed corporate update call. For further information on Sangamo Therapeutics and its genomic medicine breakthroughs, visit the company’s website.
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