Sangamo Therapeutics (SGMO) saw a notable increase in its stock price on January 2nd, closing at $1.13, up 10.78% from the previous close of $1.02. The stock opened at $1.02 and reached a high of $1.14 during the trading session, with a significant trading volume of 13,438,390 shares, which is 140.53% of its average volume.
The price movement comes in the wake of recent developments regarding Sangamo's collaboration with Pfizer. On December 31st, Sangamo's stock plummeted 56% after Pfizer announced the termination of their partnership on the hemophilia A gene therapy, giroctocogene fitelparvovec. Despite positive Phase III trial results, Pfizer decided not to proceed with regulatory submissions, leaving Sangamo to regain full rights to the program. This decision deprived Sangamo of up to $220 million in potential milestone payments, raising concerns about the company's financial stability.
However, the stock's rebound on January 2nd suggests a potential shift in investor sentiment. Sangamo has expressed its commitment to advancing the gene therapy program independently or with a new partner. The company is exploring all options to bring the therapy to market, which may have instilled some confidence among investors. Additionally, Sangamo's ongoing efforts to progress its genomic medicine pipeline, including its Fabry gene therapy program, may have contributed to the positive market response.