Sana Biotechnology (NASDAQ:SANA) Shares Down 8.5% – Here’s What Happened

Sana Biotechnology, Inc. (NASDAQ:SANA)’s share price dropped 8.5% during mid-day trading on Tuesday . The company traded as low as $2.28 and last traded at $2.21. Approximately 165,731 shares were traded during trading, a decline of 95% from the average daily volume of 3,057,026 shares. The stock had previously closed at $2.42.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Jefferies Financial Group started coverage on Sana Biotechnology in a report on Friday, March 14th. They set a “buy” rating and a $7.00 price target on the stock. Citizens Jmp upgraded shares of Sana Biotechnology from a “market perform” rating to an “outperform” rating and set a $5.00 target price on the stock in a report on Tuesday, March 18th. HC Wainwright restated a “buy” rating and set a $11.00 price target on shares of Sana Biotechnology in a report on Tuesday, March 18th. Finally, TD Cowen upgraded Sana Biotechnology from a “hold” rating to a “buy” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Sana Biotechnology currently has an average rating of “Moderate Buy” and an average target price of $10.80.

Sana Biotechnology Trading Down 10.5 %

The stock has a market capitalization of $487.18 million, a P/E ratio of -1.55 and a beta of 1.63. The business’s fifty day simple moving average is $2.93 and its two-hundred day simple moving average is $3.11.

Sana Biotechnology (NASDAQ:SANA) last released its earnings results on Monday, March 17th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.02. On average, equities research analysts anticipate that Sana Biotechnology, Inc. will post -1.16 earnings per share for the current year.

Insiders Place Their Bets

In other Sana Biotechnology news, insider Fmr Llc sold 290,912 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $6.49, for a total value of $1,888,018.88. Following the sale, the insider now owns 4,541,511 shares of the company’s stock, valued at $29,474,406.39. The trade was a 6.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 31.10% of the company’s stock.

Institutional Trading of Sana Biotechnology

Several institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its stake in Sana Biotechnology by 126.6% during the third quarter. Barclays PLC now owns 318,910 shares of the company’s stock worth $1,325,000 after purchasing an additional 178,179 shares during the period. SG Americas Securities LLC acquired a new position in shares of Sana Biotechnology in the 4th quarter worth approximately $239,000. FMR LLC lifted its position in shares of Sana Biotechnology by 16.3% during the 3rd quarter. FMR LLC now owns 31,609,175 shares of the company’s stock worth $131,494,000 after buying an additional 4,438,949 shares during the period. Geode Capital Management LLC boosted its stake in Sana Biotechnology by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,166,480 shares of the company’s stock valued at $13,175,000 after buying an additional 276,055 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in Sana Biotechnology in the third quarter valued at $43,000. 88.23% of the stock is currently 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.