Sangamo Therapeutics Inc [NASDAQ: SGMO] surged by $0.03 during the normal trading session on while it closed the day at $0.55. The company report on March 22, 2024 at 8:05 AM that Sangamo Therapeutics Announces Pricing of $24.0 Million Registered Direct Offering.
Sangamo Therapeutics, Inc. (Nasdaq: SGMO), a genomic medicine company, today announced that it has entered into a securities purchase agreement with institutional investors, providing for the purchase and sale of an aggregate of 24,761,905 shares of its common stock and pre-funded warrants to purchase up to an aggregate of 3,809,523 shares of common stock, together with accompanying warrants to purchase up to an aggregate of 28,571,428 shares of common stock. The combined offering price of each share of common stock and accompanying warrant is $0.84, priced at-the-market under Nasdaq rules. The combined offering price of each pre-funded warrant and accompanying warrant is $0.83. The warrants will become exercisable six months from issuance, expire five and a half years from the issuance date and have an exercise price of $1.00 per share.
The gross proceeds to Sangamo from the offering, before deducting the placement agents’ fees and other offering expenses, are expected to be approximately $24.0 million. The offering is expected to close on or about March 26, 2024, subject to customary closing conditions. Sangamo anticipates using the net proceeds from the offering to fund the development of neurology-focused genomic medicines pipeline, novel AAV capsid delivery technology and other general corporate purposes.
Sangamo Therapeutics Inc stock has also loss -5.13% of its value over the past 7 days. However, SGMO stock has declined by -0.87% in the 3 months of the year. Over the past six months meanwhile, it has lost -0.44% and gained 0.35% year-on date.
The market cap for SGMO stock reached $111.04 million, with 203.67 million shares outstanding and 183.15 million shares in the current float. Compared to the average trading volume of 2.36M shares, SGMO reached a trading volume of 2718255 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Sangamo Therapeutics Inc [SGMO]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SGMO shares is $3.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SGMO stock is a recommendation set at 1.88. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
RBC Capital Mkts have made an estimate for Sangamo Therapeutics Inc shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on November 03, 2023. While these analysts kept the previous recommendation, BofA Securities dropped their target price from $5 to $1.50. The new note on the price target was released on April 28, 2023, representing the official price target for Sangamo Therapeutics Inc stock. Previously, the target price had yet another raise to $16, while Wedbush analysts kept a Outperform rating on SGMO stock. On January 06, 2023, analysts decreased their price target for SGMO shares from 8 to 5.
The Average True Range (ATR) for Sangamo Therapeutics Inc is set at 0.09, with the Price to Sales ratio for SGMO stock in the period of the last 12 months amounting to 0.63. The Price to Book ratio for the last quarter was 1.17, with the Price to Cash per share for the same quarter was set at 0.40.
SGMO stock trade performance evaluation
Sangamo Therapeutics Inc [SGMO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.13. With this latest performance, SGMO shares dropped by -36.69% in over the last four-week period, additionally sinking by -0.44% over the last 6 months – not to mention a drop of -62.66% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SGMO stock in for the last two-week period is set at 38.36, with the RSI for the last a single of trading hit 35.18, and the three-weeks RSI is set at 41.58 for Sangamo Therapeutics Inc [SGMO]. The present Moving Average for the last 50 days of trading for this stock 0.7958, while it was recorded at 0.5516 for the last single week of trading, and 0.7539 for the last 200 days.
Sangamo Therapeutics Inc [SGMO]: An insightful look at the core fundamentals
Sangamo Therapeutics Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.98 and a Current Ratio set at 1.98.
Earnings per share (EPS) analysis for Sangamo Therapeutics Inc [SGMO] stock
With the latest financial reports released by the company, Sangamo Therapeutics Inc posted 0.12/share EPS, while the average EPS was predicted by analysts to be reported at -0.33/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 136.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SGMO.
Sangamo Therapeutics Inc [SGMO]: Institutional Ownership
The top three institutional holders of SGMO stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in SGMO stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in SGMO stock with ownership which is approximately 5.8386%.
