Short Interest in Fate Therapeutics, Inc. (NASDAQ:FATE) Drops By 5.3%

Fate Therapeutics, Inc. (NASDAQ:FATE) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 21,150,000 shares, a drop of 5.3% from the May 31st total of 22,340,000 shares. Based on an average daily volume of 2,430,000 shares, the days-to-cover ratio is currently 8.7 days.

Analyst Ratings Changes

FATE has been the subject of several recent research reports. BMO Capital Markets cut their price target on Fate Therapeutics from $7.00 to $6.00 and set a “market perform” rating for the company in a report on Friday, May 10th. Canaccord Genuity Group cut their target price on Fate Therapeutics from $11.00 to $9.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Piper Sandler raised Fate Therapeutics from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $4.00 to $6.00 in a research note on Monday, June 17th. StockNews.com cut Fate Therapeutics from a “hold” rating to a “sell” rating in a research note on Friday, May 10th. Finally, HC Wainwright cut their target price on Fate Therapeutics from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.75.

Fate Therapeutics Stock Down 1.2 %

Shares of NASDAQ FATE opened at $3.22 on Wednesday. Fate Therapeutics has a twelve month low of $1.63 and a twelve month high of $8.83. The stock has a fifty day simple moving average of $3.75 and a 200-day simple moving average of $5.10.

Fate Therapeutics (NASDAQ:FATE) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.47) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.47). The firm had revenue of $1.93 million during the quarter, compared to analyst estimates of $0.80 million. Fate Therapeutics had a negative return on equity of 46.49% and a negative net margin of 2,933.79%. During the same period last year, the business posted ($0.19) earnings per share. As a group, analysts anticipate that Fate Therapeutics will post -1.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its holdings in Fate Therapeutics by 22.8% in the fourth quarter. Victory Capital Management Inc. now owns 12,504 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 2,322 shares during the period. Epiq Partners LLC purchased a new stake in shares of Fate Therapeutics in the 4th quarter valued at about $38,000. Simplicity Wealth LLC purchased a new stake in shares of Fate Therapeutics in the 1st quarter valued at about $81,000. RPO LLC purchased a new stake in shares of Fate Therapeutics in the 4th quarter valued at about $46,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Fate Therapeutics by 1,069.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 16,840 shares of the biopharmaceutical company’s stock valued at $63,000 after purchasing an additional 15,400 shares during the last quarter. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

Fate Therapeutics Company Profile

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.