Barclays Cuts Fate Therapeutics (NASDAQ:FATE) Price Target to $2.00

Fate Therapeutics (NASDAQ:FATE) had its target price cut by Barclays from $10.00 to $2.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

FATE has been the topic of several other research reports. Robert W. Baird dropped their target price on shares of Fate Therapeutics from $5.00 to $4.00 and set a “neutral” rating on the stock in a research note on Wednesday. Wells Fargo & Company reduced their price objective on shares of Fate Therapeutics from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fate Therapeutics in a research note on Wednesday. Stifel Nicolaus dropped their price objective on shares of Fate Therapeutics from $5.00 to $3.00 and set a “hold” rating for the company in a research note on Thursday, March 6th. Finally, StockNews.com cut shares of Fate Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday, March 11th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $4.14.

Fate Therapeutics Stock Up 5.9%

Fate Therapeutics stock opened at $1.07 on Wednesday. The company has a market capitalization of $122.63 million, a PE ratio of -0.65 and a beta of 2.32. The firm has a fifty day simple moving average of $1.01 and a two-hundred day simple moving average of $1.51. Fate Therapeutics has a twelve month low of $0.66 and a twelve month high of $5.92.

Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.07. The company had revenue of $1.63 million for the quarter, compared to analysts’ expectations of $1.18 million. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. As a group, equities analysts expect that Fate Therapeutics will post -1.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fate Therapeutics

Several large investors have recently modified their holdings of FATE. JPMorgan Chase & Co. grew its holdings in Fate Therapeutics by 18.2% in the third quarter. JPMorgan Chase & Co. now owns 1,837,304 shares of the biopharmaceutical company’s stock worth $6,431,000 after purchasing an additional 283,080 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Fate Therapeutics by 30.6% in the 4th quarter. SG Americas Securities LLC now owns 44,874 shares of the biopharmaceutical company’s stock worth $74,000 after buying an additional 10,511 shares during the last quarter. Institute for Wealth Management LLC. acquired a new stake in Fate Therapeutics in the 4th quarter worth about $110,000. China Universal Asset Management Co. Ltd. acquired a new stake in Fate Therapeutics in the 4th quarter worth about $40,000. Finally, Leo Wealth LLC grew its position in shares of Fate Therapeutics by 574.8% in the fourth quarter. Leo Wealth LLC now owns 70,439 shares of the biopharmaceutical company’s stock valued at $116,000 after purchasing an additional 60,000 shares in the last quarter. Institutional investors own 97.54% of the company’s stock.

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.