Sana Biotechnology slides after $75 mln equity offering

Sana Biotechnology

07/08/2025 11:28

** Sana Biotechnology's SANA.O shares down 12.7% premarket to $3.71 after $75 mln overnight follow-on priced

    ** Seattle, Washington-based firm late Weds announced ~22.4 mln shares, including ~1.5 mln p
    re-funded warrants

    ** Offering price of $3.35 represents 18.5% discount to stock's last sale

** Co, which develops engineered cells to treat diseases, plans to use net offering proceeds to support its preclinical and most advanced product candidates, per the prospectus

** Morgan Stanley, Goldman Sachs, BofA and TD Cowen are joint bookrunners for the offering

** With ~225.5 mln shares outstanding, co has roughly $960 mln market cap

** SANA shares on Weds edged down 0.2%, trimming YTD gain to 161%

    ** 6 of 7 analysts rate SANA "strong buy" or "buy", and 1 has "hold" rating and median PT is $9, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))