H.C. Wainwright initiated coverage of Sana Biotechnology with a Neutral rating and no price target. Although preclinical data and an experienced management team "add promise" to Sana’s approach, the company’s programs are still in the early innings, and its market cap of $1B is pricing in a high probability of success, the analyst tells investors in a research note. The firm believes this creates an unfavorable risk/reward going into initial clinical data in the second half of 2023.
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