Wells Fargo analyst Jim Birchenough lowered his price target for Sangamo Therapeutics to $24 from $39 following today's update for in-vivo gene editing in mucopolysaccharidosis type I and II. While overall results are disappointing in terms of markers of sustainable efficacy and suggest further optimization required of gene editing efficiency and delivery, individual patient validation with significant iduronate-2-sulfatase enzyme production in one of two high dose MPSII patients and evidence of enzyme production in MPSI is encouraging, Birchenough tells investors in an intraday research note titled "Over Reaction To In-Vivo Gene Editing Update." The analyst believes Sangamo shares are "oversold" on today's news and recommends buying on the weakness. He maintains an Outperform rating on the name. Sangamo shares in in afternoon trading are down 36%, or $4.28, to $7.74.