Wedbush cuts Sana Biotechnology stock price target on model changes

Wedbush cut its Sana Biotechnology price target to $10 from $22, while maintaining an Outperform rating; the new target implies more than 300% upside from $2.40, despite shares falling 42% over the past year. Its updated sum-of-parts valuation removes hidradenitis suppurativa and changes financing assumptions, while applying a 6–8x multiple to projected 2034–35 sales of tibulizumab and discounting the valuation by 25%. Sana reported a Q2 adjusted loss of $0.13 per share versus an expected $0.15 loss, and had $160.5 million in cash at June 30, 2026, projected to fund operations into mid-2027; negative free cash flow was $145 million.