Sangamo Therapeutics (NASDAQ:SGMO) Shares Gap Up - Here's What Happened

Sangamo Therapeutics, Inc. (NASDAQ:SGMO - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $2.35, but opened at $2.72. Sangamo Therapeutics shares last traded at $2.55, with a volume of 10,559,955 shares changing hands.

Analysts Set New Price Targets

SGMO has been the subject of a number of research analyst reports. StockNews.com raised Sangamo Therapeutics from a "hold" rating to a "buy" rating in a report on Monday. Barclays boosted their target price on Sangamo Therapeutics from $3.00 to $9.00 and gave the stock an "overweight" rating in a research note on Thursday, November 14th. HC Wainwright restated a "buy" rating and issued a $10.00 price target on shares of Sangamo Therapeutics in a research note on Thursday. Finally, Truist Financial raised shares of Sangamo Therapeutics from a "hold" rating to a "buy" rating and set a $7.00 price target on the stock in a report on Friday, December 13th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $7.00.

Sangamo Therapeutics Stock Performance

The firm has a market cap of $481.97 million, a price-to-earnings ratio of -3.08 and a beta of 1.15. The business has a fifty day simple moving average of $1.94 and a 200-day simple moving average of $1.12.

Sangamo Therapeutics (NASDAQ:SGMO - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.07. Sangamo Therapeutics had a negative return on equity of 264.16% and a negative net margin of 257.87%. The company had revenue of $49.41 million during the quarter, compared to the consensus estimate of $26.55 million. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. On average, equities analysts anticipate that Sangamo Therapeutics, Inc. will post -0.46 earnings per share for the current year.

Hedge Funds Weigh In On Sangamo Therapeutics

Several large investors have recently modified their holdings of SGMO. Renaissance Technologies LLC lifted its stake in shares of Sangamo Therapeutics by 58.8% in the second quarter. Renaissance Technologies LLC now owns 4,126,577 shares of the biopharmaceutical company's stock worth $1,479,000 after acquiring an additional 1,528,600 shares during the period. Geode Capital Management LLC increased its position in shares of Sangamo Therapeutics by 14.6% during the third quarter. Geode Capital Management LLC now owns 2,138,309 shares of the biopharmaceutical company's stock worth $1,853,000 after buying an additional 272,123 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Sangamo Therapeutics during the second quarter worth $89,000. Vontobel Holding Ltd. lifted its stake in shares of Sangamo Therapeutics by 412.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 300,000 shares of the biopharmaceutical company's stock valued at $259,000 after purchasing an additional 241,440 shares during the period. Finally, Marshall Wace LLP lifted its stake in Sangamo Therapeutics by 56.3% in the second quarter. Marshall Wace LLP now owns 576,219 shares of the biopharmaceutical company's stock valued at $207,000 after buying an additional 207,476 shares during the period. Institutional investors own 56.93% of the company's stock.

About Sangamo Therapeutics

Sangamo Therapeutics, Inc, a clinical-stage genomic medicine company, focuses on translating science into medicines that transform the lives of patients and families afflicted with serious diseases in the United States. The company's clinical-stage product candidates are ST-920, a gene therapy product candidate, which is in Phase 1/2 clinical study for the treatment of Fabry disease; TX200, a chimeric antigen receptor engineered regulatory T cell (CAR-Treg) therapy product candidate that is in Phase 1/2 clinical study for the prevention of immune-mediated rejection in HLA-A2 mismatched kidney transplantation; SB-525, a gene therapy product candidate, which is in Phase 3 clinical trial for the treatment of moderately severe to severe hemophilia A; BIVV003, a zinc finger nuclease gene-edited cell therapy product candidate that is in Phase 1/2 PRECIZN-1 clinical study for the treatment of sickle cell disease.