Sana Biotechnology Shares Gap Up Over 13% After Q1 Earnings Beat, Heavy Volume
Sana Biotechnology stock gapped up over 13% on Tuesday after beating Q1 earnings estimates, continuing a Monday rally. Analysts reaffirmed a Moderate Buy consensus with a $9.50 target, as institutional ownership remains high at 88%.
Shares of Sana Biotechnology (NASDAQ:SANA) gapped up sharply on Tuesday, opening at $3.99 after a previous close of $3.21, and last traded at $3.6460 on volume of 8.14 million shares. The rally on Tuesday followed a 6.8% gain on Monday, which brought the stock to $3.395.
The moves came after the company reported quarterly earnings. For the most recent quarter, Sana posted a loss of $0.14 per share, beating consensus estimates of a $0.15 loss by $0.01. In the prior quarter, the company had missed estimates, reporting a loss of $0.16 per share versus expectations of a $0.13 loss.
In response to the results, several research firms adjusted their ratings and price targets. One firm raised its price target to $7.00 from $6.00 with an outperform rating, while another lowered its target to $7.00 from $9.00 but maintained a buy rating. A separate firm initiated coverage with a buy rating and a $16.00 price target. Among the nine analysts covering the stock, seven rate it a buy, one holds, and one sells, resulting in a consensus Moderate Buy rating and an average price target of $9.50.
Sana's market capitalization rose to approximately $969.00 million. The stock has a negative price-to-earnings ratio of 3.74 and a beta of 2.06, indicating significant volatility. Its 50-day moving average stands at $3.51 and the 200-day moving average at $4.13.
Institutional investors own 88.23% of the company, while insiders hold 30.1%. In the first quarter, several large investors increased their positions. Bank of America Corp DE boosted its stake by 148.4% to 2.95 million shares. Royal Bank of Canada lifted its holdings by 76.8%. Dimensional Fund Advisors grew its position by 118.9%, and Cetera Investment Advisers added 50.2%. New stakes were initiated by Mercer Global Advisors, Lyell Wealth Management, and others.
Sana Biotechnology is a clinical-stage biopharmaceutical company focused on developing engineered cell therapies using gene editing and delivery technologies. Its pipeline targets oncology, genetic disorders, and other diseases, employing ex vivo and in vivo approaches with proprietary gene writing alongside CRISPR-Cas9 tools.