Fate Therapeutics (NASDAQ:FATE) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

Fate Therapeutics, Inc. (NASDAQ:FATE)’s stock price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $2.20 and traded as high as $3.08. Fate Therapeutics shares last traded at $2.93, with a volume of 1,907,979 shares trading hands.

Wall Street Analyst Weigh In

FATE has been the subject of several recent research reports. Weiss Ratings upgraded Fate Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Fate Therapeutics in a research note on Monday, June 8th. Finally, Jefferies Financial Group set a $4.00 target price on Fate Therapeutics in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.12.

Fate Therapeutics Stock Down 0.3%

The business’s 50 day moving average price is $2.28 and its 200-day moving average price is $1.58. The company has a market cap of $361.34 million, a PE ratio of -2.84 and a beta of 2.51.

Fate Therapeutics (NASDAQ:FATE) last announced its earnings results on Wednesday, May 13th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.03. Fate Therapeutics had a negative net margin of 2,056.79% and a negative return on equity of 58.89%. The business had revenue of $1.30 million during the quarter, compared to the consensus estimate of $1.49 million. Equities analysts expect that Fate Therapeutics, Inc. will post -1.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Cindy Tahl sold 25,590 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $1.88, for a total transaction of $48,109.20. Following the completion of the sale, the insider directly owned 628,155 shares in the company, valued at $1,180,931.40. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FATE. Bridgeway Capital Management LLC acquired a new stake in Fate Therapeutics during the 2nd quarter valued at approximately $28,000. Commonwealth Equity Services LLC acquired a new position in shares of Fate Therapeutics in the 4th quarter valued at approximately $26,000. Russell Investments Group Ltd. raised its position in shares of Fate Therapeutics by 73.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 28,676 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 12,114 shares in the last quarter. Corient Private Wealth LLC purchased a new position in shares of Fate Therapeutics during the 4th quarter valued at approximately $29,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Fate Therapeutics during the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 97.54% of the company’s stock.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of first‐in‐class cellular immunotherapies for cancer and immune disorders. The company leverages its proprietary induced pluripotent stem cell (iPSC) platform to create off‐the‐shelf natural killer (NK) and T‐cell products designed to overcome limitations of donor‐derived approaches. Fate’s research aims to deliver therapies with consistent quality, increased potency and scalable manufacturing for broad patient access.

Central to Fate’s pipeline are multiple iPSC‐derived cell therapy candidates in active clinical development.