Citizens JMP raised the firm’s price target on Sana Biotechnology (SANA) to $8 from $5 and keeps an Outperform rating on the shares. Sana’s enhanced Fusogen platform now offers improved specificity and expansion, with an IND filing anticipated in 2026, the analyst tells investors in a research note. Progress across multiple programs, including the modified pancreatic islet cell IST in T1D, the iPSC program nearing IND readiness, and SC291 data expected in 4Q25, combined with a $177.2M pro forma cash position, suggests the shares remain undervalued with potential upside from future Fusogen monetization, Citizens says.
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