Sangamo Therapeutics Inc [SGMO] Investment Appeal on the Rise

Sangamo Therapeutics Inc’s filing revealed that its 10% Owner BIOGEN INC. unloaded Company’s shares for reported $3.0 million on Sep 26 ’23. In the deal valued at $0.50 per share,6,000,000 shares were sold. As a result of this transaction, BIOGEN INC. now holds 17,652,466 shares worth roughly $15.53 million.

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RBC Capital Mkts downgraded its Sangamo Therapeutics Inc [SGMO] rating to a Sector perform from a an Outperform in a research note published on November 03, 2023; the price target was decreased to $2 from $6. A number of analysts have revised their coverage, including BofA Securities’s analysts, who decreased its forecast for the stock in late April from “a Neutral” to “an Underperform”. Wedbush also remained covering SGMO and has increased its forecast on February 27, 2023 with a “an Outperform” recommendation from previously “Neutral” rating. BofA Securities revised its rating on January 06, 2023. It rated SGMO as “a Neutral” which previously was an “a Buy”.

Price Performance Review of SGMO

On Monday, Sangamo Therapeutics Inc [NASDAQ:SGMO] saw its stock fall -2.62% to $0.88. Over the last five days, the stock has lost -13.49%. Sangamo Therapeutics Inc shares have risen nearly 62.41% since the year began. Nevertheless, the stocks have fallen -61.63% over the past one year. While a 52-week high of $2.53 was reached on 02/16/24, a 52-week low of $0.29 was recorded on 01/18/24. SMA at 50 days reached $0.7105, while 200 days put it at $0.8116. A total of 0.85 million shares were traded, compared to the trading of 2.22 million shares in the previous session.

Levels Of Support And Resistance For SGMO Stock

The 24-hour chart illustrates a support level at 0.8488, which if violated will result in even more drops to 0.8152. On the upside, there is a resistance level at 0.9280. A further resistance level may holdings at 0.9736. The Relative Strength Index (RSI) on the 14-day chart is 48.68, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.1562, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 95.30%. Stochastics %K at 4.85% indicates the stock is a buying.

How much short interest is there in Sangamo Therapeutics Inc?

A steep rise in short interest was recorded in Sangamo Therapeutics Inc stocks on Feb 15, 2024, growing by 0.57 million shares to a total of 9.73 million shares. Yahoo Finance data shows the prior-month short interest on Jan 12, 2024 was 9.16 million shares. There was a rise of 5.86%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 6.39% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.62.

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