Sangamo Therapeutics (NASDAQ:SGMO) stock is on the rise today after the company announced a groundbreaking new license agreement with Genentech.
Sangamo Therapeutics has partnered with Genentech to develop intravenously administered genomic medicines for certain neurodegenerative diseases, including Alzheimer’s disease. This agreement will allow Sangamo to handle technology transfer and preclinical activities, while Genentech will take over clinical development, regulatory interactions, manufacturing, and global commercialization.
As part of the agreement, Sangamo will receive an upfront payment of $50 million and could earn milestone payments of up to $1.9 billion, along with tiered royalties on sales.
SGMO Stock Movement Today
Following this news, SGMO shares are experiencing heavy trading today, with over 75 million units traded compared to the daily average of 11.3 million shares. The stock is up 52.3% as of Tuesday afternoon and has seen a 107.4% increase since the beginning of the year.
Investors looking for more stock market news should check out why shares of Lucid (NASDAQ:LCID) and Jumia Technologies (NYSE:JMIA) are also on the rise today.
Analysis:
Sangamo Therapeutics’ new license agreement with Genentech has the potential to revolutionize the treatment of neurodegenerative diseases, making it a promising investment opportunity. With the stock soaring and significant potential for future earnings, investors should consider adding SGMO to their portfolio for long-term growth and financial success.