Sana Biotechnology (NASDAQ:SANA) Shares Gap Up - Here's What Happened

Sana Biotechnology, Inc. (NASDAQ:SANA - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.66, but opened at $2.83. Sana Biotechnology shares last traded at $2.75, with a volume of 539,172 shares.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SANA. Jefferies Financial Group started coverage on shares of Sana Biotechnology in a report on Friday. They set a "buy" rating and a $7.00 target price on the stock. HC Wainwright lifted their target price on shares of Sana Biotechnology from $8.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Finally, TD Cowen raised shares of Sana Biotechnology from a "hold" rating to a "buy" rating in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Sana Biotechnology presently has an average rating of "Moderate Buy" and a consensus price target of $12.25.

Sana Biotechnology Trading Up 10.6 %

The firm has a 50-day moving average price of $3.03 and a 200-day moving average price of $3.27. The stock has a market capitalization of $654.18 million, a PE ratio of -2.09 and a beta of 1.63.

Insider Buying and Selling

In other news, insider Fmr Llc sold 290,912 shares of the business's stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $6.49, for a total transaction 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. The trade was a 6.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 31.10% of the stock is currently owned by company insiders.

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Institutional Investors Weigh In On Sana Biotechnology

Several hedge funds have recently bought and sold shares of SANA. Barclays PLC raised its position in shares of Sana Biotechnology by 126.6% during the 3rd quarter. Barclays PLC now owns 318,910 shares of the company's stock valued at $1,325,000 after buying an additional 178,179 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Sana Biotechnology during the fourth quarter valued at about $239,000. FMR LLC lifted its stake in Sana Biotechnology by 16.3% during the third quarter. FMR LLC now owns 31,609,175 shares of the company's stock worth $131,494,000 after purchasing an additional 4,438,949 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Sana Biotechnology by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,166,480 shares of the company's stock worth $13,175,000 after purchasing an additional 276,055 shares in the last quarter. Finally, Stifel Financial Corp bought a new position in shares of Sana Biotechnology during the 3rd quarter valued at about $43,000. 88.23% of the stock is currently owned by institutional investors.

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.