Jefferies analyst Maury Raycroft lowered the firm’s price target on Sangamo (SGMO) to $3 from $7 and keeps a Buy rating on the shares after the company announced partner Pfizer (PFE) will not file a Biologics License Application for giroctocogene fitelparvovec, an investigational gene therapy product candidate for the treatment of adults with moderately severe to severe hemophilia A, which returns the asset to Sangamo. The company “was surprised” by Pfizer’s decision, according to the analyst after catching up with management. Jefferies reduced the value for hemophilia A in its Sangamo model, though adds that it still sees “substantial upside for Fabry” even with a “conservative” estimate for the odds of success.
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