Sana Biotechnology has announced positive interim study trial (IST) data, showcasing that HIP modified cadaver islet cells were capable of evading the immune system and producing C-peptide in a Type 1 Diabetes (T1D) patient without the need for immunosuppression. This development has led to analyst upgrades and increased price targets for Sana's stock.
The Phase 1 study of allogeneic hypoimmune (HIP) modified pancreatic islet cells aimed at treating type 1 diabetes (T1D) without the need for immunosuppression has yielded promising initial data. In partnership with Upsala University Hospital, Sana Biotechnology enrolled a single patient who received an intramuscular injection of UP421. The primary goal was to assess the safety of HIP-modified islet cell transplantation without immunosuppression, with secondary endpoints evaluating immune evasion and cell survival via C-peptide levels and MRI signals.
Initial Trial Data
Initial data, which includes a 4-week follow-up, shows promising results with the patient maintaining stable C-peptide levels, a marker for insulin production, and no safety concerns observed. Results at Day 28 post-dosing indicated that the HIP cells could survive without triggering an immune response, unlike traditional islet cells. The company maintains a strong liquidity position with a current ratio of 4.47, providing runway for its clinical developments. The company's market capitalization stands at $368 million.
Analyst Perspective
TD Cowen analysts upgraded Sana Biotechnology shares from a Hold to a Buy rating, highlighting that this development serves as proof of concept (POC) for the immune evasion properties of Sana's HIP technology. H.C. Wainwright analyst Emily Bodnar increased the price target for Sana Biotechnology shares to $11 from the previous $8, while maintaining a Buy rating on the stock. Citi has increased its price target for Sana from $8.00 to $15.00 due to progress in its Type 1 diabetes trial.
The positive data suggests that Sana Biotechnology's technology could have a transformative impact on the treatment of T1D. InvestingPro analysis shows analyst price targets ranging from $7 to $15, reflecting significant potential upside from current levels.
Sana's Pipeline and Leadership
Sana Biotechnology is prioritizing its UP421 and SC451 programs for Type 1 diabetes and its SC291 program for B-cell driven autoimmune diseases. Sana Biotechnology's CFO, Nathan Hardy, will step down in October 2024, and Dhaval Patel, M.D., Ph.D., has been appointed as the new Executive Vice President and Chief Scientific Officer.
Sensei Biotherapeutics' SNS-101 Development
Edward White, an analyst from H.C. Wainwright, reiterated the Buy rating on Sensei Biotherapeutics (SNSE – Research Report). The associated price target remains the same with $4.00. The company is actively conducting a Phase 1/2 clinical trial to assess the safety and efficacy of this monoclonal antibody, which targets the VISTA protein, and has already enrolled 45 out of the anticipated 60 patients. This development is particularly noteworthy because SNS-101 could become the first anti-VISTA monoclonal antibody approved for therapeutic use, especially for patients who have not responded to previous treatments.
