Sana Biotechnology (NASDAQ:SANA) Shares Gap Down - Time to Sell?

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) shares 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 changing hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SANA shares. Morgan Stanley assumed coverage on Sana Biotechnology in a research note on Thursday, July 3rd. They issued an "overweight" rating and a $12.00 price target on the stock. HC Wainwright restated a "buy" rating and issued a $11.00 price target on shares of Sana Biotechnology in a report on Thursday, April 24th. Finally, JMP Securities restated a "market outperform" rating and issued a $5.00 price target on shares of Sana Biotechnology in a report on Tuesday, June 24th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Sana Biotechnology has a consensus rating of "Buy" and a consensus price target of $8.00.

Sana Biotechnology Stock Performance

The company has a market cap of $658.40 million, a PE ratio of -3.32 and a beta of 1.90. The firm has a fifty day simple moving average of $3.50 and a 200 day simple moving average of $2.68.

Sana Biotechnology (NASDAQ:SANA - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.04. As a group, equities analysts predict that Sana Biotechnology, Inc. will post -1.16 EPS for the current fiscal year.

Institutional Trading of Sana Biotechnology

A number of institutional investors have recently modified their holdings of SANA. Boxer Capital Management LLC purchased a new stake in shares of Sana Biotechnology during the 4th quarter worth about $2,518,000. Millennium Management LLC lifted its position in Sana Biotechnology by 604.8% during the 4th quarter. Millennium Management LLC now owns 728,901 shares of the company's stock worth $1,188,000 after acquiring an additional 625,481 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Sana Biotechnology by 44.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,557,496 shares of the company's stock worth $2,538,000 after acquiring an additional 478,596 shares in the last quarter. Clearline Capital LP acquired a new position in Sana Biotechnology during the 1st quarter worth approximately $690,000. Finally, Nuveen LLC acquired a new position in Sana Biotechnology during the 1st quarter worth approximately $589,000. Hedge funds and other institutional investors own 88.23% of the company's stock.

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.