Sana Biotechnology (NASDAQ:SANA) Trading Down 6% - Here's Why

Key Points

• Sana Biotechnology shares fell by 6% to close at $3.20 amid a significant drop in trading volume compared to its average.
• Research analysts maintain a consensus "Buy" rating on the stock, with a target price of $8.00, following mixed ratings from firms such as Morgan Stanley and JMP Securities.
• Institutional investors have a strong presence, owning 88.23% of the company’s stock, with several firms increasing their stakes recently.

Sana Biotechnology, Inc. (NASDAQ:SANA - Get Free Report)'s share price dropped 6% during mid-day trading on Friday . The company traded as low as $3.21 and last traded at $3.20. Approximately 1,608,073 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 5,765,615 shares. The stock had previously closed at $3.40.

Analyst Ratings Changes

SANA has been the topic of a number of analyst reports. JMP Securities reaffirmed a "market outperform" rating and issued a $5.00 price objective on shares of Sana Biotechnology in a research report on Tuesday, June 24th. Morgan Stanley initiated coverage on shares of Sana Biotechnology in a research report on Thursday, July 3rd. They issued an "overweight" rating and a $12.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $8.00.

Sana Biotechnology Stock Performance

The stock has a market cap of $722.94 million, a price-to-earnings ratio of -2.87 and a beta of 1.88. The firm's 50-day moving average price is $3.69 and its two-hundred day moving average price is $2.72.

Sana Biotechnology (NASDAQ:SANA - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.04. As a group, sell-side analysts expect that Sana Biotechnology, Inc. will post -1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sana Biotechnology

Several hedge funds and other institutional investors have recently bought and sold shares of SANA. Northern Trust Corp raised its position in shares of Sana Biotechnology by 5.3% in the 4th quarter. Northern Trust Corp now owns 1,188,346 shares of the company's stock valued at $1,937,000 after purchasing an additional 60,004 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Sana Biotechnology by 287.2% in the fourth quarter. Jane Street Group LLC now owns 367,855 shares of the company's stock worth $600,000 after purchasing an additional 272,862 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Sana Biotechnology during the fourth quarter valued at $29,000. BNP Paribas Financial Markets purchased a new stake in shares of Sana Biotechnology during the fourth quarter valued at $34,000. Finally, Bank of America Corp DE lifted its stake in Sana Biotechnology by 11.3% in the 4th quarter. Bank of America Corp DE now owns 1,131,813 shares of the company's stock worth $1,845,000 after acquiring an additional 115,347 shares in the last quarter. 88.23% of the stock is owned by institutional investors and hedge funds.

Sana Biotechnology Company Profile

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.