Sana Biotechnology (NASDAQ:SANA) Shares Up 3.1% - Here's Why

Key Points

• Sana Biotechnology shares rose 3.1% to about $2.84 in midday trading, although volume was 78% below the average session level.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and a $9.33 target price, compared with its current price near $2.84.
• Institutional ownership stands at 88.23%, with major investors including Canada Pension Plan Investment Board, Bank of America, and Alphabet taking new positions during the second quarter.

Sana Biotechnology, Inc. (NASDAQ:SANA - Get Free Report)'s share price was up 3.1% during mid-day trading on Wednesday. The stock traded as high as $2.83 and last traded at $2.8350. 691,439 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 3,195,875 shares. The stock had previously closed at $2.75.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SANA shares. TD Cowen raised shares of Sana Biotechnology to a "strong-buy" rating in a research report on Monday, August 24th. Wall Street Zen lowered Sana Biotechnology from a "hold" rating to a "sell" rating in a report on Monday, July 20th. Bank of America reduced their price objective on Sana Biotechnology from $7.00 to $6.00 and set a "buy" rating on the stock in a report on Friday, August 14th. Finally, Weiss Ratings raised Sana Biotechnology from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Sana Biotechnology presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.33.

Sana Biotechnology Stock Down 0.2%

The company has a market cap of $821.74 million, a P/E ratio of -3.61 and a beta of 2.18. The business's 50 day moving average is $3.42 and its 200 day moving average is $3.32.

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

Institutional Investors Weigh In On Sana Biotechnology

A number of institutional investors have recently added to or reduced their stakes in the stock. Alphabet Inc. bought a new position in Sana Biotechnology in the second quarter worth about $9,816,000. Bank of New York Mellon Corp purchased a new position in shares of Sana Biotechnology in the 2nd quarter worth approximately $1,667,000. Bank of America Corp DE bought a new position in shares of Sana Biotechnology during the 2nd quarter worth approximately $20,062,000. Deutsche Bank AG purchased a new stake in Sana Biotechnology during the second quarter valued at approximately $2,251,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Sana Biotechnology in the second quarter valued at approximately $35,662,000. Institutional investors own 88.23% of the company's stock.

About Sana Biotechnology

Sana Biotechnology, Inc is a biotechnology company focused on developing engineered cell and gene therapies intended to treat diseases with significant unmet medical needs. The company's approach is designed to enable the delivery of functional cells or genetic material to patients while addressing challenges such as immune rejection, manufacturing complexity and the need for repeated treatment.

Sana's research programs include both ex vivo therapies, in which cells are modified outside the body before being administered to a patient, and in vivo therapies, which are designed to modify or deliver therapeutic material directly within the body.

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.