Citi analyst Samantha Semenkow raised the price target on Sana Biotechnology (NASDAQ: SANA) to $15.00 (from $8.00) while maintaining a Buy rating.

The analyst comments "Sana disclosed they have enrolled multiple T1D patients into the IST being conducted in Uppsala, Sweden. The update is a welcome one as it confirms (1) that no patients have been dosed in the study to date, therefore dispelling any concerns surrounding a treatment failure, and (2) that the study is truly underway after a delay from the company’s prior data guidance of 1H24. The delay resulted from a confluence of factors, including a protocol amendment to expand patient eligibility. The study is now awaiting quality donors, which will be blood-type matched with one of the enrolled patients. Following dosing, we anticipate Sana will report data for the first patient with ~30 days of follow-up. Ahead of the readout, we are opening a positive 90-day Catalyst Watch. We see potential for meaningful share appreciation on positive T1D data. Reiterate Buy/High Risk, TP to $15 (+$7)."