Sana Biotechnology (NASDAQ:SANA) dropped ~10% in the morning hours Thursday as the cell therapy developer pared gains from a 52-week high it reached yesterday following its presentation at the J.P. Morgan Healthcare Conference.
About ~3.6M SANA shares have changed hands so far compared to the 65-day average of ~2.6M as the stock continues to trade over 80% below its IPO price in February 2021.
Seeking Alpha contributor Stephen Ayers upgraded SANA to Hold from Sell on Thursday, citing the management’s financial discipline and progress in R&D.
However, he points to the stock’s high short interest. The Seattle, Washington-based biotech backed by Flagship Pioneering, the venture capital firm behind Moderna (MRNA), has almost 20% short interest.
With more than 21M of its shares on loan and a days-to-cover ratio of ~13.4, this “high interest points to market doubts,” the analyst wrote.
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