Sangamo price target lowered to $5 from $7 at Truist

Truist analyst Nicole Germino lowered the firm’s price target on Sangamo (SGMO) to $5 from $7 and keeps a Buy rating on the shares. The firm is updating its model to reflect the return of a BLA-ready Phase 3 asset with competitive data in Hem A and pending more clarity on the longer-term cash position from a potentially near-term announcement of a partner for Phase 3 Fabry disease asset and additional capsid partnerships, the analyst tells investors in a research note. Truist adds that the longer-term cash runway for Sangamo hinges on a partner for Fabry, which may come with a meaningful upfront and royalties payments, removing the cash overhang.