Sangamo Therapeutics (NASDAQ:SGMO) stock is rising higher on Tuesday after the clinical-stage genomic medicine company announced a new license agreement.
Sangamo Therapeutics has signed a license agreement Genentech for the development of intravenously administered genomic medicines to treat “certain neurodegenerative diseases.” That includes the company’s proprietary zinc finger repressors for Alzheimer’s disease.
This agreement will see Sangamo handle technology transfer and some preclinical activities. Genentech will take over and cover all clinical development, regulatory interactions, manufacturing and global commercialization of the treatment.
Sangamo Therapeutics is getting an upfront payment of $50 million for the license. Its also able to earn milestone payments of up to $1.9 billion. The agreement also includes tiered royalties on sales.
SGMO Stock Movement Today
With all of this news comes heavy trading of SGMO shares on Tuesday. That has more than 75 million units traded as investors buy the stock. This is a massive surge compared to its daily average trading volume of about 11.3 million shares.
SGMO stock is up 52.3% as of Tuesday afternoon. Investors will also note that the shares are up 107.4% since the start of the year.
There are plenty of other stock market stories that traders are going to want to read about on Tuesday!
We have all of the hottest stock market news ready to go today! A few examples include why shares of Lucid (NASDAQ:LCID) and Jumia Technologies (NYSE:JMIA) are up today. All of this news is ready to go at the links below!
More Tuesday Stock Market News
- Cantor Fitzgerald Just Upgraded Lucid (LCID) Stock
- Jumia Technologies News: Why Is JMIA Stock Plunging Today?
- Lucid News: Why LCID Stock Is Making Bullish Headlines Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
