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Trading List: July 7 - Updates & Analyst Actions - FCX, IMMU, SGMO

$FCX$IMMU - $SGMO - On our trading list with news today or analyst comments with our opinion & trade ideas. Freeport McMoRan price target raised. Immunomedics has it's price target raised by 2 more analysts after releasing positive drug data on Monday. Sangamo initiated with a Buy at SunTrust.


Freeport McMoRan price target raised to $14 from $11 at CIBC

CIBC analyst Oscar Cabrera raised the firm's price target on Freeport McMoRan to $14 from $11 and reiterates an Outperform rating on the shares. The company's "strong execution" of its April 2020 revised operating plan in Q2 delivered the 200M pound per year Lone Star development project ahead of estimates, Cabrera tells investors in a research note. Freeport "continues to prove its mettle under a tough macro environment," with the majority of its mines operating at or near capacity despite COVID-19 and a strong financial position, adds the analyst.


Immunomedics price target raised to $56 from $54 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju raised the firm's price target on Immunomedics to $56 from $54 and reiterates a Buy rating on the shares. The top-line results for the Phase 3 ASCENT trial, evaluating Trodelvy versus physician's choice chemotherapy in third-line plus metastatic triple-negative breast cancer, bode well for front-line triple-negative breast cancer and TROPICS-02 trial, Selvaraju tells investors in a research note.


Immunomedics price target raised to $52 after 'best case' data at Guggenheim

Guggenheim analyst Michael Schmidt raised the firm's price target on Immunomedics to $52 from $48 and keeps a Buy rating on the shares, telling investors that the ASCENT Phase 3 top-line results reported yesterday represent "a best-case scenario." He thinks the data should provide an added tailwind for Trodelvy's launch in triple-negative breast cancer, also read-though positively to the ongoing TROPiCS-02 trial, and may "potentially increase" the company's attractiveness as an M&A target, Schmidt said.

Our Take: IMMU has been a big winner for us this year - more than doubled! Trial data is coming in better than expected/as good as it can get. More upside and possible buyout in their future.


Sangamo initiated with a Buy at SunTrust

SunTrust analyst Nicole Germino initiated coverage of Sangamo (SGMO) with a Buy rating and $22 price target. The company offers a deep pipeline on two technologies - gene therapy and a zinc finger gene editing platform which can edit genes and genome regulation capabilities to finetune gene expression at the DNA level - the analyst tells investors in a research note. Germino adds that Sangamo's long-term upside potential comes from its gene editing technology, which has generated interest from large-cap biotech and pharma with combined collaboration value of about $7B, noting that greater upside could come from the company's collaboration with Biogen (BIIB) for its neurology product pipeline.

Our Take: Sangamo is a good speculative biotech play that already has deep big pharma pockets invested in the company. Very good potential for substantial upside somewhere in the future.


$SGMO, Sangamo Therapeutics, Inc. / H1



Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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