Sana Biotechnology (NASDAQ:SANA) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Shares of Sana Biotechnology, Inc. (NASDAQ:SANA) saw strong trading volume on Tuesday following a better than expected earnings announcement. 3,390,446 shares were traded during 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 Analyst Weigh In

Several brokerages have recently weighed in on SANA. Jefferies Financial Group began coverage on shares of Sana Biotechnology in a research report on Friday, March 14th. They issued a “buy” rating and a $7.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price target on shares of Sana Biotechnology in a research report on Tuesday. Citizens Jmp raised shares of Sana Biotechnology from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a research report on Tuesday. Finally, TD Cowen upgraded shares of Sana Biotechnology from a “hold” rating to a “buy” rating in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.80.

Insider Buying and Selling at Sana Biotechnology

In other Sana Biotechnology news, insider Fmr Llc sold 290,912 shares of the firm’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 completion of the transaction, the insider now 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 31.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its holdings in shares of Sana Biotechnology by 126.6% in the third quarter. Barclays PLC now owns 318,910 shares of the company’s stock worth $1,325,000 after buying an additional 178,179 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Sana Biotechnology in the fourth quarter worth $239,000. FMR LLC raised its holdings in shares of Sana Biotechnology by 16.3% in the third 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 last quarter. Geode Capital Management LLC raised its holdings in shares of Sana Biotechnology by 9.6% in the third quarter. Geode Capital Management LLC now owns 3,166,480 shares of the company’s stock worth $13,175,000 after buying an additional 276,055 shares during the last quarter. Finally, Stifel Financial Corp purchased a new position in shares of Sana Biotechnology in the third quarter worth $43,000. Hedge funds and other institutional investors own 88.23% of the company’s stock.

Sana Biotechnology Price Performance

The stock’s fifty day simple moving average is $3.02 and its 200-day simple moving average is $3.20. The firm has a market cap of $522.45 million, a PE ratio of -1.67 and a beta of 1.63.

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.