Sana Biotechnologys Positive Outlook: A Buy Rating Based On Ex Vivo Cell Therapy Commitment And Potential Breakthroughs In CAR T Therapies
Rennie Benjamin, an analyst at JMP Securities, reiterated his buy rating on Sana Biotechnology ( SANA - Research Report ). The corresponding target price is $8.00.
Rennie Benjamin maintained a Buy rating on Sana Biotechnology based on several key factors. First, Sana Biotechnology has demonstrated its commitment to ex vivo cell therapy in oncology and autoimmune diseases, which shareholders see as positive given the current biotech funding market. The company's decision to slow the development of the Fusogen platform, which led to a 29% reduction in staff, is also seen as a profitable move. The company's rapid adoption of cell therapy for autoimmune diseases is seen as a potential breakthrough in CAR-T therapy.
In addition, Benjamin highlights Sana's unique investment opportunity, which includes expected proof-of-concept data from the Phase 1 study of the SC291 ARDENT CAR-T molecule and first results from IST's engineered pancreatic islet cell program, which uses a hypoimmune platform ( Hip ). , both expected in the fourth quarter of 2023. The potential of these therapies to validate the entire underlying platform for multiple disease signatures is critical to shareholders. The company's current liquidity of $262.5 million also plays a role in the buy recommendation. Despite setbacks such as the downgrade of the Fusogen platform, Benjamin believes the company's current liquidity position will be sufficient to meet key milestones in 2024.
Citi also gave the stock a “Buy” rating and a $8.00 target price in a separate report on October 10th.
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Description of Sana Biotechnology (SANA):
Sana Biotechnology Inc is a biotechnology company. The company develops genetically modified cells as drugs and therapies to treat diseases.
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