Sangamo Therapeutics' (SGMO) cash on its balance sheet remains "an overhang" following Pfizer's (PFE) decision to terminate a hemophilia A gene therapy collaboration with the company, Truist Securities said in a Monday note.
The partnership and license agreement between the two companies are anticipated to close in Q1 next year and while the company's management had hinted that a biologics license application would "trigger a meaningful payment to help cash runway," it seems difficult now without a significant cash infusion in Q1 2025, analysts led by Nicole Germino wrote.
Truist Securities maintained a buy rating on the company's stock with a $7 price target.
SGMO shares were down 55% in recent premarket activity.
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