Sangamo Therapeutics (SGMO) Shares Down 23.6%

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Sangamo Therapeutics Inc (NASDAQ:SGMO) dropped 23.6% during mid-day trading on Wednesday . The stock traded as low as $14.30 and last traded at $14.55. Approximately 12,571,795 shares traded hands during trading, an increase of 440% from the average daily volume of 2,327,585 shares. The stock had previously closed at $19.05.

SGMO has been the topic of several recent analyst reports. Wedbush reiterated a “hold” rating and set a $9.00 price objective on shares of Sangamo Therapeutics in a research report on Tuesday, July 24th. Zacks Investment Research cut shares of Sangamo Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 17th. BidaskClub upgraded shares of Sangamo Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday. Bank of America initiated coverage on shares of Sangamo Therapeutics in a research report on Wednesday, June 20th. They set a “buy” rating and a $24.00 price objective on the stock. Finally, Cowen reiterated a “buy” rating on shares of Sangamo Therapeutics in a research report on Monday, July 23rd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $21.00.

The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -19.10 and a beta of 2.95. The company has a current ratio of 7.24, a quick ratio of 7.24 and a debt-to-equity ratio of 0.07.

Sangamo Therapeutics (NASDAQ:SGMO) last announced its quarterly earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.02). Sangamo Therapeutics had a negative return on equity of 26.36% and a negative net margin of 105.65%. The business had revenue of $21.42 million during the quarter, compared to the consensus estimate of $21.43 million. During the same quarter in the prior year, the firm posted ($0.17) EPS. The company’s revenue for the quarter was up 159.6% on a year-over-year basis. equities analysts forecast that Sangamo Therapeutics Inc will post -0.69 earnings per share for the current fiscal year.

In related news, VP Edward R. Conner sold 5,000 shares of the business’s stock in a transaction on Friday, July 6th. The shares were sold at an average price of $15.80, for a total value of $79,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 25,000 shares of company stock worth $375,400 in the last 90 days. 1.20% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC increased its position in Sangamo Therapeutics by 193.6% in the first quarter. Cubist Systematic Strategies LLC now owns 65,087 shares of the biopharmaceutical company’s stock worth $1,237,000 after purchasing an additional 42,917 shares during the last quarter. Prudential Financial Inc. increased its position in Sangamo Therapeutics by 331.9% in the first quarter. Prudential Financial Inc. now owns 505,536 shares of the biopharmaceutical company’s stock worth $9,605,000 after purchasing an additional 388,480 shares during the last quarter. Creative Planning increased its position in Sangamo Therapeutics by 192.1% in the second quarter. Creative Planning now owns 30,413 shares of the biopharmaceutical company’s stock worth $432,000 after purchasing an additional 20,000 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Sangamo Therapeutics by 372.0% during the first quarter. JPMorgan Chase & Co. now owns 98,888 shares of the biopharmaceutical company’s stock worth $1,880,000 after buying an additional 77,937 shares during the period. Finally, Element Capital Management LLC purchased a new position in Sangamo Therapeutics during the first quarter worth $240,000. Institutional investors own 63.95% of the company’s stock.

About Sangamo Therapeutics (NASDAQ:SGMO)

Sangamo Therapeutics, Inc focuses on translating ground-breaking science into genomic therapies that transform patients' lives using platform technologies in genome editing, gene therapy, gene regulation, and cell therapy. The company's zinc finger DNA-binding protein (ZFP) technology enables specific genome editing and gene regulation.

See Also: Earnings Per Share

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