Wells Fargo & Co Downgrades Fate Therapeutics (NASDAQ:FATE) to Market Perform

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Wells Fargo & Co lowered shares of Fate Therapeutics (NASDAQ:FATE) from an outperform rating to a market perform rating in a report published on Wednesday morning, Briefing.com Automated Import reports. The brokerage currently has $16.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $24.00.

A number of other brokerages have also commented on FATE. BMO Capital Markets set a $27.00 price objective on Fate Therapeutics and gave the company a buy rating in a research report on Wednesday, August 7th. BTIG Research started coverage on Fate Therapeutics in a research note on Friday, August 9th. They issued a buy rating and a $27.00 price target on the stock. Zacks Investment Research raised Fate Therapeutics from a hold rating to a buy rating and set a $16.00 price target on the stock in a research note on Tuesday, October 15th. CIBC started coverage on Fate Therapeutics in a research note on Friday, July 12th. They issued an outperform rating and a $27.00 price target on the stock. Finally, Piper Jaffray Companies cut their price target on Fate Therapeutics from $30.00 to $28.00 and set an overweight rating on the stock in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $24.38.

Fate Therapeutics stock traded up $0.05 during trading hours on Wednesday, hitting $14.60. The stock had a trading volume of 582,100 shares, compared to its average volume of 729,887. The company has a market cap of $1.03 billion, a PE ratio of -12.27 and a beta of 1.81. The company has a quick ratio of 5.61, a current ratio of 5.61 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $15.13 and a two-hundred day moving average of $17.97. Fate Therapeutics has a fifty-two week low of $11.00 and a fifty-two week high of $22.82.

Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings data on Tuesday, November 5th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.02). The firm had revenue of $2.43 million during the quarter, compared to the consensus estimate of $1.75 million. Fate Therapeutics had a negative net margin of 900.24% and a negative return on equity of 59.38%. The firm’s quarterly revenue was up 136.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.31) earnings per share. As a group, analysts forecast that Fate Therapeutics will post -1.42 EPS for the current fiscal year.

In related news, General Counsel Cindy Tahl sold 10,200 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.24, for a total transaction of $145,248.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Bahram Valamehr sold 6,200 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.18, for a total value of $87,916.00. The disclosure for this sale can be found here. Insiders have sold a total of 37,417 shares of company stock worth $536,649 in the last ninety days. 23.19% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Rhumbline Advisers raised its stake in Fate Therapeutics by 0.9% during the 3rd quarter. Rhumbline Advisers now owns 77,815 shares of the biopharmaceutical company’s stock worth $1,208,000 after buying an additional 721 shares during the period. TD Asset Management Inc. raised its stake in shares of Fate Therapeutics by 4.2% in the 2nd quarter. TD Asset Management Inc. now owns 41,909 shares of the biopharmaceutical company’s stock valued at $851,000 after purchasing an additional 1,700 shares during the period. Cubist Systematic Strategies LLC raised its stake in shares of Fate Therapeutics by 72.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 4,948 shares of the biopharmaceutical company’s stock valued at $100,000 after purchasing an additional 2,086 shares during the period. Swiss National Bank raised its stake in shares of Fate Therapeutics by 2.2% in the 2nd quarter. Swiss National Bank now owns 96,100 shares of the biopharmaceutical company’s stock valued at $1,951,000 after purchasing an additional 2,100 shares during the period. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Fate Therapeutics by 19.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 17,263 shares of the biopharmaceutical company’s stock valued at $350,000 after purchasing an additional 2,763 shares during the period. 97.19% of the stock is currently owned by institutional investors and hedge funds.

About Fate Therapeutics

Fate Therapeutics, Inc operates as a biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorder. The firm programme cellular therapeutics for the treatment of life threatening diseases, hematologic malignancies, genetic disorders and diseases resulting from the dysregulation of the immune system.

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Analyst Recommendations for Fate Therapeutics (NASDAQ:FATE)

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