Reni Benjamin, an analyst from JMP Securities, reiterated the Buy rating on Sana Biotechnology (SANA – Research Report). The associated price target is $8.00.
Reni Benjamin has maintained a Buy rating for Sana Biotechnology’s stock based on several key factors. First, Sana Biotechnology has demonstrated its commitment to ex vivo cell therapy in the fields of oncology and autoimmune disease, a move viewed as positive for shareholders considering the current financing market in biotech. The company’s decision to postpone further development of the fusogen platform, leading to a 29% reduction in headcount, is also seen as a beneficial move. The company’s fast-tracking of cell therapy into autoimmune diseases is perceived as a potential breakthrough in CAR T therapies.
Furthermore, Benjamin highlights Sana’s unique investment opportunity, which includes the expected proof of concept data from the lead CAR-T molecule SC291’s Phase 1 ARDENT study, and initial results from the modified pancreatic islet cell IST program using the hypo-immune platform (HIP), both expected in 4Q23. The potential of these therapies to validate the entire underlying platform across multiple disease indications is viewed as critical for shareholders. The company’s current cash position of $262.5MM is also factored into the buy rating. Despite the negatives like the deprioritization of the fusogen platform, Benjamin believes the company’s current cash position will be sufficient to reach key data milestones in 2024.
In another report released on October 10, Citi also assigned a Buy rating to the stock with a $8.00 price target.
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Sana Biotechnology (SANA) Company Description:
Sana Biotechnology Inc is a biotechnology company. The company develops engineered cells as medicines and therapies to treat diseases.
Read More on SANA:
- Sana Biotechnology Announces Increased Focus on Hypoimmune-Related Pipeline with the Potential to Deliver Clinical Proof of Concept Data from Four Programs in 2023 and 2024 with a 2024 Operating Burn under $200M
- Sana Biotechnology initiated with an Outperform at JMP Securities
- Sana Biotechnology initiated with a Buy at Citi
- Sana Biotechnology to Present at September 2023 Investor Conferences
- Sana Biotechnology initiated with a Market Perform at TD Cowen
