Shares of Sana Biotechnology, Inc. (SANA) plummeted 11.84% on Friday, as traders took profits following the stock's massive rally over the past week on upbeat clinical study results.

SANA's stock skyrocketed 151.5% in the past week after the company announced positive initial data from a first-in-human study of its experimental type 1 diabetes cell therapy, UP421. In the study, UP421 was transplanted into a patient without the need for immunosuppression, thanks to Sana's proprietary hypoimmune (HIP) technology.

The results showed survival and functionality of the transplanted pancreatic beta cells, demonstrated by the presence of C-peptide, a biomarker indicating insulin production. Crucially, no safety concerns were identified, and the HIP-modified cells evaded immune responses, eliminating the need for chronic immunosuppression.