PFE - Sangamo up 21% following Q3 earnings beat phase 1 Fabry candidate update

Shares of Sangamo Therapeutics (SGMO +21.6%) are up 22% after the company released Q3 2021 earnings that beat estimates and posted an update on a phase 1 Fabry disease program. Year over year, revenue in the quarter declined 51% to $28.6M. This was primarily due to a $39.3M decrease related to our giroctocogene fitelparvovec and C9ORF72 collaboration agreements with Pfizer (PFE -1.7%) that ended in 2020. Net loss was $47.7M ($0.33 per share) compared to a net loss of $1.6M ($0.01 per share) in the prior-year period. Sangamo boosted in full-year GAAP operating expenses guidance to $300M-$310M from $285M-$305M. The company ended the quarter with $519M in cash. In the pipeline, Sangamo said it expects the first two patients in a phase 1/2 study of autologous cell therapy candidate TX200 for kidney transplantation to be dosed by mid 2022.

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Sangamo up 21% following Q3 earnings beat, phase 1 Fabry candidate update