Bank of America Corp DE Sells 550,066 Shares of Fate Therapeutics, Inc. (NASDAQ:FATE)

Bank of America Corp DE trimmed its position in Fate Therapeutics, Inc. (NASDAQ:FATE) by 64.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 304,129 shares of the biopharmaceutical company’s stock after selling 550,066 shares during the quarter. Bank of America Corp DE owned about 0.27% of Fate Therapeutics worth $502,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. FPC Investment Advisory Inc. bought a new stake in shares of Fate Therapeutics in the fourth quarter worth about $44,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Fate Therapeutics in the fourth quarter worth about $58,000. Intech Investment Management LLC increased its holdings in shares of Fate Therapeutics by 27.5% in the fourth quarter. Intech Investment Management LLC now owns 39,443 shares of the biopharmaceutical company’s stock worth $65,000 after purchasing an additional 8,497 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Fate Therapeutics by 30.6% in the fourth quarter. SG Americas Securities LLC now owns 44,874 shares of the biopharmaceutical company’s stock worth $74,000 after purchasing an additional 10,511 shares during the last quarter. Finally, Dark Forest Capital Management LP increased its holdings in shares of Fate Therapeutics by 128.0% in the fourth quarter. Dark Forest Capital Management LP now owns 61,220 shares of the biopharmaceutical company’s stock worth $101,000 after purchasing an additional 34,371 shares during the last quarter. 97.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FATE. Needham & Company LLC reissued a “hold” rating on shares of Fate Therapeutics in a research note on Wednesday, May 14th. Wedbush reissued a “neutral” rating and set a $5.00 price objective on shares of Fate Therapeutics in a research note on Thursday, March 6th. Stifel Nicolaus reduced their price objective on Fate Therapeutics from $5.00 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, March 6th. Barclays reduced their price objective on Fate Therapeutics from $10.00 to $2.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 14th. Finally, Robert W. Baird reduced their price objective on Fate Therapeutics from $5.00 to $4.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 14th. Eight research 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 company currently has a consensus rating of “Hold” and an average target price of $4.14.

Fate Therapeutics Price Performance

Shares of NASDAQ:FATE opened at $1.67 on Wednesday. Fate Therapeutics, Inc. has a 1 year low of $0.66 and a 1 year high of $5.92. The business has a 50 day simple moving average of $1.16 and a two-hundred day simple moving average of $1.38. The firm has a market capitalization of $191.39 million, a PE ratio of -1.01 and a beta of 2.23.

Fate Therapeutics (NASDAQ:FATE) last announced its 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. Fate Therapeutics had a negative return on equity of 45.88% and a negative net margin of 1,325.43%. The business had revenue of $1.63 million during the quarter, compared to analyst estimates of $1.18 million. Equities research analysts expect that Fate Therapeutics, Inc. will post -1.63 EPS for the current fiscal year.

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.