Fate Therapeutics (NASDAQ:FATE) Earns “Neutral” Rating from Wedbush

Wedbush reissued their neutral rating on shares of Fate Therapeutics (NASDAQ:FATE) in a research note released on Tuesday, Benzinga reports. Wedbush currently has a $7.00 price target on the biopharmaceutical company’s stock.

FATE has been the topic of a number of other research reports. HC Wainwright reiterated a neutral rating and issued a $7.00 price objective on shares of Fate Therapeutics in a report on Tuesday, March 19th. Barclays increased their price objective on Fate Therapeutics from $6.00 to $10.00 and gave the company an overweight rating in a report on Tuesday, February 27th. Morgan Stanley raised their price target on Fate Therapeutics from $3.00 to $7.00 and gave the stock an equal weight rating in a research note on Tuesday, February 27th. BMO Capital Markets raised their price target on Fate Therapeutics from $6.00 to $7.00 and gave the stock a market perform rating in a research note on Tuesday, February 27th. Finally, Bank of America raised their price target on Fate Therapeutics from $2.00 to $6.00 and gave the stock an underperform rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $6.73.

Fate Therapeutics Price Performance

FATE stock opened at $4.54 on Tuesday. The firm has a market capitalization of $516.74 million, a P/E ratio of -2.77 and a beta of 1.66. The business’s 50-day moving average is $6.84 and its two-hundred day moving average is $4.56. Fate Therapeutics has a 1 year low of $1.63 and a 1 year high of $8.83.

Fate Therapeutics (NASDAQ:FATE) last posted its quarterly earnings results on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. The company had revenue of $1.68 million for the quarter, compared to analyst estimates of $0.85 million. Fate Therapeutics had a negative return on equity of 38.17% and a negative net margin of 253.30%. During the same quarter last year, the company earned ($0.58) EPS. On average, analysts expect that Fate Therapeutics will post -1.94 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dark Forest Capital Management LP grew its stake in shares of Fate Therapeutics by 477.9% in the 3rd quarter. Dark Forest Capital Management LP now owns 425,901 shares of the biopharmaceutical company’s stock valued at $903,000 after purchasing an additional 352,204 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Fate Therapeutics by 1,121.7% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 340,554 shares of the biopharmaceutical company’s stock valued at $722,000 after purchasing an additional 312,678 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Fate Therapeutics by 135.5% in the 3rd quarter. Acadian Asset Management LLC now owns 2,149,597 shares of the biopharmaceutical company’s stock valued at $4,555,000 after purchasing an additional 1,236,680 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Fate Therapeutics by 281.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 380,737 shares of the biopharmaceutical company’s stock valued at $807,000 after buying an additional 280,895 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Fate Therapeutics by 2.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,389,123 shares of the biopharmaceutical company’s stock valued at $5,065,000 after buying an additional 54,005 shares during the period. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

About Fate Therapeutics

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. The company's 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.