Sana Biotechnology (NASDAQ:SANA) Trading 9% Higher - Here's Why

Key Points

• Sana Biotechnology's stock experienced a 9% increase, reaching a last trading price of $3.32, although trading volume was down significantly to about 1 million shares.
• Analysts have a consensus rating of "Buy" for Sana Biotechnology, with target prices ranging from $5.00 to $12.00, and an overall consensus target price of $8.00.
• Institutional investors own approximately 88.23% of Sana Biotechnology, with several firms increasing their holdings notably in the recent quarter.

Sana Biotechnology, Inc. (NASDAQ:SANA - Get Free Report) shares were up 9% during trading on Thursday . The company traded as high as $3.35 and last traded at $3.32. Approximately 1,002,016 shares traded hands during trading, a decline of 82% from the average daily volume of 5,702,002 shares. The stock had previously closed at $3.04.

Wall Street Analyst Weigh In

Several analysts have commented on SANA shares. Morgan Stanley assumed coverage on shares of Sana Biotechnology in a research report on Thursday, July 3rd. They set an "overweight" rating and a $12.00 target price for the company. JMP Securities reaffirmed a "market outperform" rating and set a $5.00 price target on shares of Sana Biotechnology in a research report on Tuesday, June 24th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $8.00.

Sana Biotechnology Price Performance

The stock's 50-day moving average price is $3.65 and its 200 day moving average price is $2.73. The firm has a market cap of $772.88 million, a P/E ratio of -3.07 and a beta of 1.88.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in shares of Sana Biotechnology by 604.8% in the 4th 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. Invesco Ltd. lifted its stake in Sana Biotechnology by 241.5% in the first quarter. Invesco Ltd. now owns 165,646 shares of the company's stock valued at $278,000 after acquiring an additional 117,144 shares during the last quarter. Two Sigma Advisers LP grew its position in shares of Sana Biotechnology by 677.0% in the 4th quarter. Two Sigma Advisers LP now owns 209,000 shares of the company's stock valued at $341,000 after acquiring an additional 182,100 shares during the period. SCS Capital Management LLC bought a new position in shares of Sana Biotechnology in the 1st quarter valued at about $137,000. Finally, Two Sigma Investments LP increased its holdings in shares of Sana Biotechnology by 228.4% during the 4th quarter. Two Sigma Investments LP now owns 480,298 shares of the company's stock worth $783,000 after acquiring an additional 334,042 shares during the last quarter. Institutional investors and hedge funds own 88.23% of the company's stock.

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.