Price Tanker: Sangamo (SGMO)

Posted in General 
November 11th, 2008

Sangamo Biosciences Inc. (NASDAQ: SGMO) is seeing its stock crushed this morning.  The biotech’s nerve drug aimed at treating diabetic pain failed a mid-stage trial.

This has prompted at least two analyst downgrades this morning: Sangamo Cut to Neutral at Merriman Curhan Ford; Cut to Sell at Piper Jaffray.

The small cap biotech is seeing its shares down almost 60% at $2.66 as of 8:34 AM EST.  This is also less than half of the prior 52-week low of $5.29.  Average daily vlume is 415,000 shares, and we’d expect that to be passed within the first hour of trading if it is not acheived sooner than that.

This does have stock options, although you have to go out to Jan-2009 before you find any very active contracts in the open interest of the closest put and call strike prices.

Jon C. Ogg
November 11, 2008

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