Sana Biotechnology (NASDAQ:SANA) Stock Price Down 7.2% - Here's What Happened

Shares of Sana Biotechnology, Inc. (NASDAQ:SANA - Get Free Report) were down 7.2% during mid-day trading on Wednesday . The company traded as low as $2.69 and last traded at $2.70. Approximately 2,030,314 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 3,533,710 shares. The stock had previously closed at $2.91.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SANA shares. Jefferies Financial Group started coverage on Sana Biotechnology in a research report on Friday, March 14th. They issued a "buy" rating and a $7.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and issued a $11.00 price objective on shares of Sana Biotechnology in a research report on Thursday, April 24th. Finally, Citizens Jmp upgraded Sana Biotechnology from a "market perform" rating to an "outperform" rating and set a $5.00 price objective on the stock in a research report on Tuesday, March 18th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.80.

Sana Biotechnology Price Performance

The firm has a market cap of $568.20 million, a P/E ratio of -1.80 and a beta of 1.78. The stock has a 50 day moving average of $1.91 and a 200 day moving average of $2.34.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SANA. Boxer Capital Management LLC bought a new position in shares of Sana Biotechnology during the fourth quarter valued at about $2,518,000. Corient Private Wealth LLC grew its stake in shares of Sana Biotechnology by 161.7% during the fourth quarter. Corient Private Wealth LLC now owns 1,182,699 shares of the company's stock valued at $1,928,000 after buying an additional 730,699 shares during the last quarter. Millennium Management LLC grew its stake in shares of Sana Biotechnology by 604.8% during the fourth quarter. Millennium Management LLC now owns 728,901 shares of the company's stock valued at $1,188,000 after buying an additional 625,481 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Sana Biotechnology by 44.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,557,496 shares of the company's stock valued at $2,538,000 after buying an additional 478,596 shares during the last quarter. Finally, Clearline Capital LP bought a new position in shares of Sana Biotechnology during the first quarter valued at about $690,000. 88.23% of the stock is 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.