UPDATE: Piper Jaffray Downgrades Sangamo BioSciences to Underweight on Limited Clinical Drivers
Piper Jaffray reduces its rating on Sangamo BioSciences (NASDAQ: SGMO) from Neutral to Underweight and reiterates its $4 price target.
Piper Jaffray notes, "Shares of SGMO have surged 60% since February 1st when Sangamo signed a partnership with Shire to develop zinc finger protein (ZFP) therapeutics for hemophilia and other monogenic diseases adding ~$109 million in market capitalization. Sangamo is conducting 2 Phase II studies of SB-728T in HIV. That said, we see limited clinical data to drive value this year and we do not expect Sangamo/Shire to advance their 1st ZFP into the clinic until 2013. We are thus downgrading SGMO to Underweight from Neutral and keeping our 12-month price target at $4 per share."
SGMO closed at $5.52 on Friday.
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