Sangamo Therapeutics Inc (NASDAQ: SGMO) is off to an incredibly strong start in the pre-market hours today, and for good reason, the company announced that it has received Fast Track Designation from the FDA. As a result, investor excitement ensued, leading to gains in the stock and prompting our partners at Trade Ideas to alert us to the movement. At the moment (8:29), SGMO is trading at $8.70 per share after a gain of $0.30 per share or 3.57% thus far today.
SGMO Receives Orphan Drug Designation
As mentioned above, Sangamo Therapeutics is off to a relatively strong day in the market today after announcing that the United States Food and Drug Administration has granted fast track designation surrounding SB-525. SB-525 is the company’s clinical stage cDNA gene therapy candidate that is being studied for the treatment of hemophilia A. The development of SB-525 is part of an exclusive, global collaboration and license agreement that SGMO entered into with Pfizer Inc. (NYSE: PFE).
The news of Fast Track Designation is overwhelmingly positive news. After all, Fast Track Designation is only granted surrounding treatments that help to fill an unmet medical need. As a result of this designation, SGMO will have frequent communication with the FDA, which will make sure that any issues are resolved quickly. On top of that, the Fast Track Designation leads to an expedited review process, meaning that should SB-525 be approved by the FDA, it will happen much faster now.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SGMO. In particular, we’re interested in following the company through the development of SB-525 as the treatment seems overwhelmingly promising, and with the new Fast Track Designation, things will move at a much quicker pace ahead. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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