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Investing.com - Morgan Stanley (NYSE:MS) has initiated coverage on Sana Biotechnology (NASDAQ:SANA) with an Overweight rating and a $12.00 price target, joining a broader analyst consensus that sees significant upside potential. The stock, which has surged over 70% in the past six months, currently trades at $2.92, with analyst targets ranging from $5 to $15.
The research firm believes Sana’s platform has the potential to develop differentiated therapies based on engineered cells, according to its coverage initiation report.
Morgan Stanley notes that despite Sana’s early-stage status, the potential upside from the company’s broad pipeline represents a compelling opportunity, citing strong preclinical data and recent initial clinical data in type 1 diabetes (T1D).
The firm points to recent 12-week and 6-month T1D data as an early proof point that helps validate the platform, suggesting current stock levels imply modest value relative to the scale of opportunities Sana’s hypoimmune platform is pursuing.
Morgan Stanley maintains that Sana’s risk/reward profile is skewed to the upside ahead of continued pipeline progress.
In other recent news, Sana Biotechnology announced promising six-month follow-up results from a first-in-human study of its cell therapy for type 1 diabetes. The therapy, known as UP421, demonstrated survival and function of pancreatic beta cells without requiring immunosuppression, a significant breakthrough for diabetes treatment. The results showed the presence of circulating C-peptide, indicating insulin production, with increased levels during a mixed meal tolerance test. A 12-week PET-MRI scan confirmed the presence of islet cells at the transplant site, and no safety issues were identified. The study was conducted in partnership with Uppsala University Hospital and supported by a grant from The Leona M. and Harry B. Helmsley Charitable Trust. Sana is now developing SC451, a stem cell-derived therapy, with plans to file an investigational new drug application next year. Additionally, H.C. Wainwright maintained a Buy rating and an $11 price target for Sana Biotechnology, following its presentation at the New York Stem Cell Foundation Conference. The analyst noted the favorable safety profile of the therapy and the company’s intention to release more follow-up data throughout the year.
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