Sana Biotechnology (NASDAQ:SANA) Trading Down 7.1% - Here's What Happened

Key Points

• Sana Biotechnology's stock fell by 7.1%, trading down to $5.31 from a previous close of $5.71, with trading volume dropping 79% from the average.
• Analysts have set varied price targets for Sana, with JMP Securities recommending a target of $5.00 and Morgan Stanley recommending $12.00, while the consensus price target remains at $7.50.
• Institutional investors hold a significant portion of the company, with 88.23% of the stock owned by hedge funds and other institutional investors as they increase their stakes.

Sana Biotechnology, Inc. (NASDAQ:SANA - Get Free Report)'s share price traded down 7.1% on Wednesday . The stock traded as low as $5.30 and last traded at $5.31. 1,233,381 shares were traded during trading, a decline of 79% from the average session volume of 5,757,475 shares. The stock had previously closed at $5.71.

Analysts Set New Price Targets

Several analysts have weighed in on the company. JMP Securities reiterated a "market outperform" rating and set a $5.00 price target on shares of Sana Biotechnology in a research note on Tuesday, June 24th. Morgan Stanley initiated coverage on Sana Biotechnology in a report on Thursday, July 3rd. They issued an "overweight" rating and a $12.00 price objective for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of Sana Biotechnology in a report on Wednesday, October 8th. Finally, Wedbush started coverage on Sana Biotechnology in a report on Wednesday, September 24th. They issued an "outperform" rating and a $5.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $7.50.

Sana Biotechnology Price Performance

The business has a fifty day simple moving average of $3.66 and a 200 day simple moving average of $3.04. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -5.02 and a beta of 1.91.

Sana Biotechnology (NASDAQ:SANA - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.16) EPS for the quarter, beating analysts' consensus estimates of ($0.20) by $0.04. On average, research analysts anticipate that Sana Biotechnology, Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sana Biotechnology

A number of large investors have recently made changes to their positions in SANA. Rhumbline Advisers grew its position in shares of Sana Biotechnology by 5.4% in the first quarter. Rhumbline Advisers now owns 182,134 shares of the company's stock valued at $306,000 after purchasing an additional 9,359 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Sana Biotechnology in the first quarter valued at approximately $51,000. Bank of New York Mellon Corp grew its position in shares of Sana Biotechnology by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 344,058 shares of the company's stock valued at $578,000 after purchasing an additional 7,230 shares in the last quarter. Cerity Partners LLC grew its position in shares of Sana Biotechnology by 200.3% in the first quarter. Cerity Partners LLC now owns 46,181 shares of the company's stock valued at $78,000 after purchasing an additional 30,801 shares in the last quarter. Finally, CWM LLC grew its position in shares of Sana Biotechnology by 290.7% in the first quarter. CWM LLC now owns 38,431 shares of the company's stock valued at $65,000 after purchasing an additional 28,595 shares in the last quarter. 88.23% of the stock is currently owned by hedge funds and other 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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