Stock Alert: Sangamo Therapeutics Up 28%

(RTTNews) - Shares of genomic medicine company, Sangamo Therapeutics, Inc. (SGMO) are climbing more than 27% after reporting positive earnings surprise in the fourth quarter.

For the fourth quarter, Sangamo reported net income of $4.6 million, or $0.04 per share, compared with net loss of $18.7 million, or $0.18 per share, for the same period last year. On average, 8 analysts polled by Thomson Reuters expected loss of $0.33 per share for the quarter.

Revenues for the fourth quarter rose to$54.9 million, from $26.8 million in the year-ago period. The consensus estimate was at $15.54 million.

On February 27, Sangamo said it signed a partnership deal with Biogen to develop Sangamo's lead drug candidates ST-501, meant to treat tauopathies including Alzheimer's disease, and ST-502, for the treatment of synucleinopathies including Parkinson's disease.

SGMO is currently at $8.55 and has been in the range of $6.43- $13.91 in the last one year.