Bank of America Corp DE Purchases New Holdings in Sana Biotechnology, Inc. $SANA

Key Points

• Bank of America acquired 5.75 million Sana Biotechnology shares worth approximately $20.1 million during the second quarter, representing about 1.92% of the company.
• Several major institutions also initiated positions, including BlackRock, Canada Pension Plan Investment Board and Alphabet. Institutional investors and hedge funds collectively own 88.23% of Sana’s shares.
• Sana shares opened at $2.96, near the lower end of their 52-week range, while analysts maintain a “Moderate Buy” consensus and a $9.33 average price target despite the company remaining unprofitable.

Bank of America Corp DE purchased a new position in shares of Sana Biotechnology, Inc. (NASDAQ:SANA - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,748,454 shares of the company's stock, valued at approximately $20,062,000. Bank of America Corp DE owned approximately 1.92% of Sana Biotechnology at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Sana Biotechnology during the second quarter worth about $58,196,000. Canada Pension Plan Investment Board acquired a new stake in shares of Sana Biotechnology in the 2nd quarter valued at $35,662,000. Alphabet Inc. acquired a new stake in shares of Sana Biotechnology in the 2nd quarter valued at $9,816,000. Deutsche Bank AG bought a new position in shares of Sana Biotechnology in the 2nd quarter valued at $2,251,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Sana Biotechnology in the 2nd quarter valued at $1,667,000. 88.23% of the stock is owned by institutional investors and hedge funds.

Sana Biotechnology Price Performance

Shares of NASDAQ SANA opened at $2.96 on Friday. The company has a 50 day simple moving average of $3.47 and a 200 day simple moving average of $3.34. The firm has a market cap of $886.11 million, a PE ratio of -3.89 and a beta of 2.12. Sana Biotechnology, Inc. has a 1 year low of $2.61 and a 1 year high of $6.55.

Sana Biotechnology (NASDAQ:SANA - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.02. As a group, research analysts anticipate that Sana Biotechnology, Inc. will post -0.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SANA. Wall Street Zen downgraded Sana Biotechnology from a "hold" rating to a "sell" rating in a research report on Monday, July 20th. TD Cowen raised Sana Biotechnology to a "strong-buy" rating in a research note on Monday, August 24th. Weiss Ratings raised shares of Sana Biotechnology from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 23rd. Finally, Bank of America decreased their price target on shares of Sana Biotechnology from $7.00 to $6.00 and set a "buy" rating on the stock in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $9.33.

Sana Biotechnology Profile

Sana Biotechnology, Inc is a clinical-stage biotechnology company focused on developing engineered cells and gene therapies for the treatment of serious diseases. The company's approach is designed to create therapeutic cells that can be delivered to patients without requiring individualized manufacturing, potentially broadening access to cell-based medicines.

Sana is developing technologies intended to address key challenges in cell and gene therapy, including immune rejection, targeted delivery of genetic material and the production of engineered cells at scale.

Want to see what other hedge funds are holding SANA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sana Biotechnology, Inc. (NASDAQ:SANA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.