Fate Therapeutics (NASDAQ:FATE) PT Lowered to $3.00

Fate Therapeutics (NASDAQ:FATE) had its price target cut by research analysts at Morgan Stanley from $5.00 to $3.00 in a report released on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 29.87% from the company’s previous close.

Other research analysts have also issued reports about the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $5.00 target price on shares of Fate Therapeutics in a research report on Thursday, September 7th. StockNews.com initiated coverage on Fate Therapeutics in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Barclays lowered their price target on Fate Therapeutics from $12.00 to $6.00 and set an “overweight” rating for the company in a report on Thursday, August 10th. Wells Fargo & Company dropped their price objective on Fate Therapeutics from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Thursday, November 9th. Finally, Truist Financial reaffirmed a “hold” rating and set a $7.00 target price on shares of Fate Therapeutics in a research note on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.60.

Fate Therapeutics Stock Performance

Shares of FATE stock opened at $2.31 on Monday. The firm has a market capitalization of $227.77 million, a P/E ratio of -1.31 and a beta of 1.46. Fate Therapeutics has a 52-week low of $1.63 and a 52-week high of $23.96. The stock has a 50 day moving average price of $2.08 and a 200 day moving average price of $3.65.

Institutional Investors Weigh In On Fate Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its stake in Fate Therapeutics by 149.9% in the 1st quarter. State Street Corp now owns 14,830,084 shares of the biopharmaceutical company’s stock valued at $84,531,000 after acquiring an additional 8,894,625 shares during the last quarter. Millennium Management LLC grew its position in shares of Fate Therapeutics by 347.1% in the 4th quarter. Millennium Management LLC now owns 2,864,476 shares of the biopharmaceutical company’s stock worth $28,903,000 after acquiring an additional 2,223,752 shares in the last quarter. BlackRock Inc. lifted its position in shares of Fate Therapeutics by 18.0% in the 1st quarter. BlackRock Inc. now owns 11,476,243 shares of the biopharmaceutical company’s stock worth $65,415,000 after buying an additional 1,750,019 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Fate Therapeutics by 350.9% during the first quarter. Bank of America Corp DE now owns 2,154,529 shares of the biopharmaceutical company’s stock valued at $12,281,000 after purchasing an additional 1,676,652 shares during the last quarter. Finally, Baker BROS. Advisors LP increased its holdings in shares of Fate Therapeutics by 675.0% in the 1st quarter. Baker BROS. Advisors LP now owns 1,671,717 shares of the biopharmaceutical company’s stock worth $9,529,000 after acquiring an additional 1,456,022 shares during the period.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. Its chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT576 to treat multiple myeloma and FT522, to treat lymphoma and autoimmune disorders; and CAR T-cell programs include FT819 to treat hematologic malignancies and solid tumors, and FT825 to treat solid tumors.