Sana Biotechnology (NASDAQ:SANA) Shares Gap Down - Here's What Happened

Key Points

• Sana Biotechnology's shares gapped down significantly, opening at $3.26 after a previous close of $4.25, and are currently trading at $3.07 with high trading volume.
• Despite the drop, analysts maintain a consensus rating of "Buy" with several target prices ranging from $5.00 to $12.00, suggesting potential recovery.
• Recently, institutional investors have increased their stakes in Sana Biotechnology, with 88.23% of its stock currently owned by institutional investors.

Sana Biotechnology, Inc. (NASDAQ:SANA - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $4.25, but opened at $3.26. Sana Biotechnology shares last traded at $3.07, with a volume of 8,942,185 shares.

Analyst Ratings Changes

SANA has been the topic of several research reports. JMP Securities reissued a "market outperform" rating and set a $5.00 price target on shares of Sana Biotechnology in a research report on Tuesday, June 24th. Morgan Stanley began coverage on shares of Sana Biotechnology in a report on Thursday, July 3rd. They set an "overweight" rating and a $12.00 target price for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $11.00 price target on shares of Sana Biotechnology in a research note on Thursday, April 24th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $9.17.

Sana Biotechnology Trading Down 30.9%

The firm has a market cap of $661.78 million, a P/E ratio of -3.34 and a beta of 1.90. The business has a 50 day moving average of $3.46 and a two-hundred day moving average of $2.70.

Sana Biotechnology (NASDAQ:SANA - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.02. On average, sell-side analysts predict that Sana Biotechnology, Inc. will post -1.16 EPS for the current year.

Hedge Funds Weigh In On Sana Biotechnology

A number of large investors have recently modified their holdings of the company. Los Angeles Capital Management LLC purchased a new stake in shares of Sana Biotechnology during the second quarter valued at approximately $63,000. Savant Capital LLC bought a new position in shares of Sana Biotechnology in the second quarter worth approximately $172,000. Nisa Investment Advisors LLC boosted its holdings in shares of Sana Biotechnology by 673.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,911 shares of the company's stock worth $30,000 after purchasing an additional 9,501 shares in the last quarter. WealthPlan Investment Management LLC bought a new stake in shares of Sana Biotechnology in the 2nd quarter worth approximately $48,000. Finally, CWM LLC boosted its holdings in Sana Biotechnology by 125.7% during the 2nd quarter. CWM LLC now owns 86,750 shares of the company's stock valued at $237,000 after acquiring an additional 48,319 shares during the period. 88.23% of the stock is currently owned by institutional investors.

About Sana Biotechnology

Sana Biotechnology, Inc, a biotechnology company, focuses on utilizing engineered cells as medicines. It develops ex vivo and in vivo cell engineering platforms for various therapeutic areas with unmet treatment needs, including oncology, diabetes, central nervous system disorders, B-cell-mediated autoimmune, and others.

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