Sana Biotechnology tumbles on stock offering launch

Sana Biotechnology

07/02/2024 21:30

** Shares of Sana Biotechnology  SANA.O  down 14.1% at $5.24
in extended trading as co seeks equity raise
    ** Cell therapy developer commences $125 mln stock offering
    ** Morgan Stanley, JP Morgan, Goldman and BofA jt
bookrunners
    ** Co also estimates it had cash, marketable securities of
about $205 mln as of Jan 2
    ** SANA closed down 3% at $6.10 on Weds for ~$1.2 bln market
cap, per LSEG
    ** On Jan 5, the US FDA cleared co to start human trials of
its CAR T cell therapy in patients with type of cancer of the
immune system
    ** SANA up roughly 50% YTD after 3% gain in 2023

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))