Sana Biotechnology (NASDAQ:SANA) Sees Large Volume Increase on Strong Earnings

Sana Biotechnology, Inc. (NASDAQ:SANA) shares saw an uptick in trading volume on Tuesday following a better than expected earnings announcement. 3,390,446 shares traded hands during mid-day trading, an increase of 14% from the previous session’s volume of 2,985,230 shares.The stock last traded at $2.27 and had previously closed at $2.77.

The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.02.

Wall Street Analysts Forecast Growth

SANA has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of Sana Biotechnology in a research report on Tuesday. Jefferies Financial Group assumed coverage on Sana Biotechnology in a report on Friday. They issued a “buy” rating and a $7.00 target price for the company. Citizens Jmp upgraded Sana Biotechnology from a “market perform” rating to an “outperform” rating and set a $5.00 price target on the stock in a report on Tuesday. Finally, TD Cowen raised shares of Sana Biotechnology from a “hold” rating to a “buy” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.80.

Insider Buying and Selling at Sana Biotechnology

In other news, insider Fmr Llc sold 290,912 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $6.49, for a total transaction of $1,888,018.88. Following the transaction, the insider now directly owns 4,541,511 shares of the company’s stock, valued at approximately $29,474,406.39. This trade represents a 6.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 31.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sana Biotechnology

Several institutional investors have recently made changes to their positions in the company. FMR LLC grew its holdings in 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 acquiring an additional 4,438,949 shares in the last quarter. State Street Corp boosted its position in Sana Biotechnology by 4.2% during the 3rd quarter. State Street Corp now owns 6,627,320 shares of the company’s stock valued at $27,570,000 after acquiring an additional 269,274 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Sana Biotechnology by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 3,193,081 shares of the company’s stock worth $5,206,000 after acquiring an additional 26,601 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Sana Biotechnology by 7.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,108,617 shares of the company’s stock valued at $5,068,000 after purchasing an additional 219,498 shares in the last quarter. Finally, Integral Health Asset Management LLC grew its stake in Sana Biotechnology by 11.1% in the fourth quarter. Integral Health Asset Management LLC now owns 2,000,000 shares of the company’s stock valued at $3,260,000 after purchasing an additional 200,000 shares during the last quarter. Hedge funds and other institutional investors own 88.23% of the company’s stock.

Sana Biotechnology Stock Down 18.6 %

The company has a market cap of $503.25 million, a PE ratio of -1.59 and a beta of 1.63. The firm has a 50 day simple moving average of $3.05 and a 200-day simple moving average of $3.23.

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.