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Investing.com - Citizens JMP has reiterated its Market Outperform rating and $5.00 price target on Sana Biotechnology (NASDAQ:SANA) following updated clinical data from its diabetes treatment program.
The biotechnology company presented new data from its UP421 cadaveric pancreatic islet cell program at the American Diabetes Association conference on Monday. The results demonstrated that the islet cells remain safe and well-tolerated in patients with Type 1 diabetes.
According to Citizens JMP, the data showed the transplanted cells were still alive and producing insulin at the 24-week mark without requiring immunosuppression. This was confirmed through baseline C-peptide levels, mixed-meal tolerance tests, and MRI imaging.
The research firm highlighted that the six-month follow-up data from the modified pancreatic islet cell program validates Sana’s HIP platform in Type 1 diabetes. Citizens JMP also noted that additional data from the company’s SC291 program in autoimmune disease is expected in 2025.
Sana Biotechnology currently maintains a cash position of $104.7 million, which Citizens JMP believes provides adequate funding for the company’s ongoing research and development activities.
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