details on JMP buy (from IV board).. also IV has postings on all the SGMO prrsentations at ADA this weekend....
Re: JMP SECURITIES REPORT - ADA Meeting Starts Friday. June 22-26.
From JMP Securities report.
· Good 1Q07, expect data at ADA to enhance conviction in Sangamo’s SB-509 potential;
raising rating from Market Outperform to Strong Buy and reiterating $15 price target.
Sangamo reported 1Q results that were roughly in line with our top- and bottom-line estimates,
though we believe financial results are not the focus for current investors. More importantly,
Sangamo made significant corporate and clinical progress in 1Q. The company recently announced
a collaboration with Genentech (DNA, not rated) that increases the scarcity value of the platform for
industrial uses. Additionally, it recently expanded the product pipeline with an additional Phase II
study of SB-509 in moderate-to-severe diabetic neuropathy. In the near term, we look forward to
clinical data from the SB-509 program at the upcoming American Diabetes Association (ADA)
meeting in June and preclinical presentations (American Society for Neurotherapy and Repair in
May and World Spine Congress in July) to crystallize the broad, novel, neuro-regenerative/repair
potential of the company’s lead product candidate, SB-509. As a result of information gleaned in
the quarterly conference call and other diligence, we have enhanced conviction that these data, if
positive, should connect the dots on several large market potential opportunities that could be
served by ‘509’s unique biological activity. Our $15 price target on SGMO shares is based on a
comparables analysis, which, given the strong IP position for this unencumbered platform, should
value the company at least in line with mind-share competitors such as Isis (ISIS, not rated), Sirna
before it was acquired, and Alnylam (ALNY, not rated), which have market values between $500
million and $900 million. |
