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Here are highlights from Friday's Analyst Blog:

Agreements Boost Sangamo Biosci

We are optimistic about Sangamo Biosciences Inc.'s (Nasdaq: SGMO) unique zinc finger DNA-binding protein (ZFP) technology and are encouraged to hear that the company intends to bring more drug candidates into the clinic in 2008.

We are also impressed by the company's strategy to monetize this ZFP technology. Sangamo has signed agreements with Dow AgroSciences (NYSE: DOW), Sigma-Aldrich (Nasdaq: SIAL) and Roche to utilize its technology in exchange for financial resources. The company also expanded its agreement with Genentech (NYSE: DNA) to monetize ZFP.

Hold Progressive, Pre-Earnings

We anticipate The Progressive Corporation (NYSE: PGR) will release its 2Q08 results the week of July 14, 2008. While 1Q08 results were a penny ahead of our expectations, results for the month of May were adversely affected by a reduction in net premiums written and higher investment losses.

We maintain our FY08 and FY09 EPS targets of $1.35 per share. At the current price, the shares of Progressive trade at 2.87x its 1Q08 book value of $7.01 per share. The company's multiple is currently 120 basis points above its peer group median (up from 99 basis points as of our last report, matching the 120 basis points of seven quarters ago), reflecting its long track record of superior profitability.

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Story Source: Business Wire