Fate Therapeutics (NASDAQ:FATE) Stock Crosses Below 200-Day Moving Average – Here’s Why

Fate Therapeutics, Inc. (NASDAQ:FATE) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $1.97 and traded as low as $1.82. Fate Therapeutics shares last traded at $1.85, with a volume of 2,810,973 shares trading hands.

Analyst Ratings Changes

A number of research firms recently commented on FATE. Wedbush reissued an “outperform” rating and set a $7.00 target price on shares of Fate Therapeutics in a research report on Tuesday, October 27th. Wall Street Zen lowered Fate Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fate Therapeutics in a research note on Wednesday. Wells Fargo & Company decreased their target price on shares of Fate Therapeutics from $3.50 to $3.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Piper Sandler reissued an “overweight” rating and issued a $8.00 price objective (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $5.80.

Fate Therapeutics Price Performance

The company has a market capitalization of $219.87 million, a PE ratio of -1.78 and a beta of 2.65. The business’s 50 day simple moving average is $2.24 and its 200 day simple moving average is $1.97.

Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings data on Thursday, November 5th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.02. The company had revenue of $1.35 million during the quarter, compared to analyst estimates of $1.14 million. Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. As a group, analysts anticipate that Fate Therapeutics, Inc. will post -1.03 EPS for the current year.

Institutional Investors Weigh In On Fate Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of FATE. Callan Family Office LLC acquired a new stake in Fate Therapeutics during the 2nd quarter worth approximately $29,000. Bank of New York Mellon Corp acquired a new stake in shares of Fate Therapeutics during the second quarter worth about $31,000. HB Wealth Management LLC purchased a new position in Fate Therapeutics during the 2nd quarter worth $31,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Fate Therapeutics during the second quarter worth approximately $32,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Fate Therapeutics in the second quarter valued at about $35,000. Hedge funds and other institutional investors own 97.54% of the company’s stock.

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.