Fate Therapeutics (NASDAQ:FATE) PT Lowered to $75.00 at Truist Financial

Fate Therapeutics (NASDAQ:FATE – Get Rating) had its target price cut by research analysts at Truist Financial from $125.00 to $75.00 in a research report issued on Wednesday, The Fly reports. Truist Financial’s target price would suggest a potential upside of 103.03% from the company’s previous close.

Other research analysts have also issued reports about the company. Wedbush lifted their target price on Fate Therapeutics from $74.00 to $77.00 and gave the stock an “outperform” rating in a report on Tuesday, March 1st. Guggenheim dropped their price target on Fate Therapeutics from $107.00 to $78.00 in a research note on Monday, January 3rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Fate Therapeutics in a research report on Friday, April 1st. HC Wainwright reduced their price target on Fate Therapeutics from $122.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, March 4th. Finally, StockNews.com upgraded shares of Fate Therapeutics to a “sell” rating in a report on Thursday, March 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $93.00.

NASDAQ FATE opened at $36.94 on Wednesday. Fate Therapeutics has a 12 month low of $29.40 and a 12 month high of $97.43. The stock has a 50-day simple moving average of $36.50 and a 200 day simple moving average of $47.60. The company has a market capitalization of $3.56 billion, a PE ratio of -16.56 and a beta of 1.57.

Fate Therapeutics (NASDAQ:FATE – Get Rating) last announced its quarterly earnings results on Monday, February 28th. The biopharmaceutical company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.04). The company had revenue of $17.10 million during the quarter, compared to the consensus estimate of $11.55 million. Fate Therapeutics had a negative net margin of 379.89% and a negative return on equity of 30.25%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company earned ($0.38) earnings per share. On average, equities research analysts predict that Fate Therapeutics will post -3.32 EPS for the current year.

In related news, Director John Mendlein sold 31,562 shares of the company’s stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of $35.02, for a total value of $1,105,301.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO J Scott Wolchko sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 20th. The stock was sold at an average price of $40.21, for a total transaction of $1,206,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 86,562 shares of company stock valued at $3,282,851 over the last quarter. 18.58% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Johnson & Johnson acquired a new position in Fate Therapeutics in the 3rd quarter valued at $200,277,000. Capital World Investors bought a new stake in shares of Fate Therapeutics during the 4th quarter worth approximately $190,686,000. Norges Bank acquired a new stake in shares of Fate Therapeutics during the 4th quarter worth approximately $46,191,000. Invesco Ltd. increased its stake in Fate Therapeutics by 633.3% in the fourth quarter. Invesco Ltd. now owns 883,279 shares of the biopharmaceutical company’s stock valued at $51,680,000 after acquiring an additional 762,832 shares during the last quarter. Finally, Bellevue Group AG raised its position in Fate Therapeutics by 23.9% during the third quarter. Bellevue Group AG now owns 3,238,036 shares of the biopharmaceutical company’s stock valued at $191,918,000 after purchasing an additional 624,500 shares in the last quarter. Institutional investors and hedge funds own 99.40% of the company’s stock.

About Fate Therapeutics (Get Rating)

Fate Therapeutics, Inc engages in the development of programmed cellular immunotherapies for cancer and immune disorder. Its pipeline of products includes immuno-ocology candidates and immuno-regulation candidates. The company was founded by Philip Beachy, Sheng Ding, Rudolf Jaenisch, Randall T. Moon, Michael Rudnicki, David Scadden, Leonard Zon, Alexander Rives, Scott Wolchko, and John D.

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