Sana Biotechnology (NASDAQ:SANA) Shares Down 7.2% – Here’s What Happened

Sana Biotechnology, Inc. (NASDAQ:SANA) traded down 7.2% during trading on Wednesday . The company traded as low as $3.05 and last traded at $3.0890. 963,918 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 3,177,541 shares. The stock had previously closed at $3.33.

Analyst Upgrades and Downgrades

SANA has been the subject of several analyst reports. Weiss Ratings upgraded Sana Biotechnology from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 23rd. Wall Street Zen cut shares of Sana Biotechnology from a “hold” rating to a “sell” rating in a report on Monday, July 20th. Bank of America reduced their price target on shares of Sana Biotechnology from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Finally, TD Cowen upgraded shares of Sana Biotechnology to a “strong-buy” rating in a research report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Sana Biotechnology Stock Down 8.3%

The company’s fifty day moving average price is $3.49 and its two-hundred day moving average price is $3.34. The company has a market cap of $914.54 million, a price-to-earnings ratio of -4.02 and a beta of 2.12.

Sana Biotechnology (NASDAQ:SANA) last announced its earnings results on Monday, August 10th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. On average, equities research analysts predict that Sana Biotechnology, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sana Biotechnology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. grew its position in shares of Sana Biotechnology by 74.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 9,588 shares of the company’s stock worth $39,000 after purchasing an additional 4,088 shares in the last quarter. Royal Bank of Canada increased its stake in Sana Biotechnology by 76.8% during the 1st quarter. Royal Bank of Canada now owns 12,285 shares of the company’s stock worth $35,000 after acquiring an additional 5,338 shares during the period. Swiss National Bank increased its stake in Sana Biotechnology by 2.0% during the 1st quarter. Swiss National Bank now owns 342,600 shares of the company’s stock worth $987,000 after acquiring an additional 6,800 shares during the period. Cetera Investment Advisers raised its holdings in Sana Biotechnology by 50.2% in the 1st quarter. Cetera Investment Advisers now owns 26,181 shares of the company’s stock valued at $75,000 after acquiring an additional 8,750 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in shares of Sana Biotechnology during the 2nd quarter valued at $35,000. Institutional investors and hedge funds own 88.23% of the company’s stock.

About Sana Biotechnology

Sana Biotechnology, Inc is a clinical-stage biotechnology company focused on developing engineered cells and gene therapies for the treatment of serious diseases. The company’s approach is designed to create therapeutic cells that can be delivered to patients without requiring individualized manufacturing, potentially broadening access to cell-based medicines.

Sana is developing technologies intended to address key challenges in cell and gene therapy, including immune rejection, targeted delivery of genetic material and the production of engineered cells at scale.