Sangamo Shares Jump On Pfizer Collaboration, Quarterly Results
Sangamo Therapeutics Inc. shares surged after the gene therapy company reported a narrower-than-expected loss for the quarter and a collaboration with pharmaceutical giant Pfizer Inc. . Sangamo shares jumped 42% to $6.15 after hours. The company reported a first-quarter loss of 23 cents a share on revenue of $3.4 million. Analysts surveyed by FactSet had estimated a loss of 28 cents a share on revenue of $4 million. Separately, Sangamo said it will receive a $70 million upfront payment from Pfizer for a development and manufacturing collaboration for a hemophilia A treatment. Sangamo said it was eligible for up to $450 million in milestone payments under the deal.
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