Sana Biotechnology slides after $75 mln equity offering

Sana Biotechnology's SANA.O shares down 12.7% premarket to $3.71 after $75 mln overnight follow-on priced

Seattle, Washington-based firm late Weds announced ~22.4 mln shares, including ~1.5 mln p re-funded warrants

Offering price of $3.35 represents 18.5% discount to stock's last sale

Co, which develops engineered cells to treat diseases, plans to use net offering proceeds to support its preclinical and most advanced product candidates, per the prospectus

Morgan Stanley, Goldman Sachs, BofA and TD Cowen are joint bookrunners for the offering

With ~225.5 mln shares outstanding, co has roughly $960 mln market cap

SANA shares on Weds edged down 0.2%, trimming YTD gain to 161%

6 of 7 analysts rate SANA "strong buy" or "buy", and 1 has "hold" rating and median PT is $9, LSEG data reflects