Wedbush upgrades Sangamo to Outperform, raises price target to $16

As previously reported, Wedbush upgraded Sangamo (SGMO) to Outperform from Neutral with a price target of $16, up from $4. The firm cites competitive advantage and potential best-in-class profile evidenced at WORLDSymposium. In light of 4D Molecular Therapeutics’ (FDMT) FD-310 program being placed on clinical hold, what Wedbush considers to be uncompetitive data from Freeline Therapeutics’ (FRLN) FLT190 as well as the Jan. 2022 deprioritization of AVROBIO’s (AVRO) AVR-RD-01 due to variable engraftment, the firm thinks all signs point to ST-920 as the front-running gene therapy candidate for Fabry. Given a Phase 3 for ST-920/Fabry is expected to start by year-end 2023 with the first patient dosed as early as the first part of 2024, Wedbush finds Sangamo shares at current levels represent an attractive investment opportunity.