Sangamo Therapeutics, Inc. is experiencing a downturn today, potentially influenced by recent developments in the biopharmaceutical sector. Notably, Sangamo announced a significant licensing deal with Astellas Pharma Inc., securing $20 million upfront and the potential for up to $1.3 billion in milestone payments. This agreement, which spans five potential disease targets for gene therapies, was disclosed on December 30, 2024. Despite the positive nature of this deal, it may not have been enough to counteract broader market trends or investor expectations.
The stock opened at $2.49 and has since decreased to $2.42, marking a 5.47% decline from the previous close of $2.56. Despite being early in the trading day, the volume is notably low at 296,479 shares, representing just 3.44% of the average daily volume of 8,609,677 shares.