Fate Therapeutics’ (FATE) “Outperform” Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of Fate Therapeutics (NASDAQ:FATE) in a research report sent to investors on Tuesday morning,Benzinga reports. Wedbush currently has a $7.00 price objective on the biopharmaceutical company’s stock.

A number of other brokerages have also weighed in on FATE. Weiss Ratings restated a “sell (d-)” rating on shares of Fate Therapeutics in a research note on Friday, August 7th. Piper Sandler restated an “overweight” rating and set a $8.00 price objective (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Finally, Wells Fargo & Company increased their price objective on shares of Fate Therapeutics from $2.50 to $3.50 and gave the company an “equal weight” rating in a research report on Friday, August 14th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $5.90.

Fate Therapeutics Stock Performance

Shares of NASDAQ:FATE opened at $2.17 on Tuesday. The firm’s 50 day simple moving average is $2.30 and its 200-day simple moving average is $1.95. Fate Therapeutics has a one year low of $0.95 and a one year high of $3.23. The firm has a market cap of $260.01 million, a PE ratio of -2.07 and a beta of 2.52.

Fate Therapeutics (NASDAQ:FATE) last released its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.25). The company had revenue of $2.08 million during the quarter, compared to analyst estimates of $1.94 million. Fate Therapeutics had a negative net margin of 1,941.09% and a negative return on equity of 65.08%. Equities research analysts predict that Fate Therapeutics will post -1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Fate Therapeutics

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Fate Therapeutics in the second quarter valued at $19,707,000. Johnson & Johnson purchased a new stake in shares of Fate Therapeutics in the 2nd quarter valued at $9,123,473. Renaissance Technologies LLC raised its holdings in shares of Fate Therapeutics by 26.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock valued at $3,570,000 after buying an additional 613,802 shares during the period. Assenagon Asset Management S.A. lifted its stake in Fate Therapeutics by 799.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,311,765 shares of the biopharmaceutical company’s stock worth $3,109,000 after acquiring an additional 1,165,927 shares in the last quarter. Finally, Irenic Capital Management LP acquired a new position in Fate Therapeutics during the 1st quarter worth about $1,054,000. 97.54% of the stock is owned by hedge funds and other institutional investors.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cellular immunotherapies for cancer and autoimmune diseases. The company uses induced pluripotent stem cell (iPSC) technology to create standardized, potentially off-the-shelf immune cell products, including natural killer (NK) cells and T cells.

Its research and development activities include iPSC-derived cell therapies engineered to recognize and attack cancer cells. Fate’s pipeline has included candidates such as FT819, an iPSC-derived, CD19-targeted CAR T-cell therapy, along with other investigational NK-cell and T-cell programs.