In a recent transaction, FMR LLC, a significant stakeholder in Sana Biotechnology, Inc. (NASDAQ:SANA), sold shares worth approximately $1.89 million. The sales occurred on January 8, 2025, and involved multiple trades at prices ranging from $6.11 to $7.26 per share. According to InvestingPro data, SANA's stock has shown significant volatility, with a remarkable 151% gain in the past week and a current market capitalization of $810 million.
FMR LLC, through its indirect ownership, disposed of a total of 290,912 shares of Sana Biotechnology's common stock. Following these transactions, FMR LLC now holds 4,541,511 shares indirectly through F-Prime Capital Partners (WA:CPAP) Life Sciences Fund VI LP. InvestingPro analysis indicates the company maintains a strong financial position with a current ratio of 4.47, holding more cash than debt on its balance sheet.
This activity is part of FMR LLC's ongoing management of its investment portfolio, with Abigail P. Johnson, the Chairman and CEO, being a notable figure in the firm's leadership. The transactions were executed under the authorization of Stephanie J. Brown, acting under Powers of Attorney. For deeper insights into institutional movements and comprehensive analysis, including 10+ additional ProTips, access the full SANA research report on InvestingPro.
In other recent news, Sana Biotechnology has made significant strides in the medical field with positive outcomes from its hypoimmune (HIP) technology study. The study revealed that transplanted HIP-engineered primary pancreatic islet cells could function and survive without immunosuppression in a patient with type 1 diabetes. This development was hailed as a significant milestone as it validated the company's approach to immune evasion.
In addition to this, the company reported promising results from a study concerning the treatment of type 1 diabetes using hypoimmune technology, demonstrating that transplanted islet cells could produce insulin and avoid immune rejection without the need for immunosuppression. The FDA also granted Fast Track designation to Sana Biotechnology's investigational therapy SC291, a treatment for systemic lupus erythematosus.
Regarding analyst ratings, Sana Biotechnology received upgrades from both TD Cowen and BofA Securities. However, JMP Securities downgraded the company's stock from Market Outperform to Market Perform. H.C. Wainwright analyst Emily Bodnar increased the price target for Sana Biotechnology shares to $11 from the previous $8, while maintaining a Buy rating on the stock. Citi increased its price target for Sana from $8.00 to $15.00 due to progress in its Type 1 diabetes trial.
In terms of leadership changes, Sana Biotechnology's CFO, Nathan Hardy, will step down in 2024, and Dhaval Patel has been appointed as the new Executive Vice President and Chief Scientific Officer. These are the recent developments in the company.
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