Wedbush Reaffirms Neutral Rating for Fate Therapeutics (NASDAQ:FATE)

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “neutral” rating reiterated by Wedbush in a research note issued on Thursday,Benzinga reports. They currently have a $5.00 price target on the biopharmaceutical company’s stock. Wedbush’s price objective would suggest a potential upside of 395.05% from the stock’s current price.

A number of other research analysts have also recently commented on FATE. StockNews.com upgraded shares of Fate Therapeutics from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Bank of America upgraded shares of Fate Therapeutics from an “underperform” rating to a “neutral” rating in a research note on Monday, November 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fate Therapeutics in a research report on Thursday. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.50.

Fate Therapeutics Price Performance

Shares of FATE opened at $1.01 on Thursday. The firm has a market cap of $115.03 million, a P/E ratio of -0.61 and a beta of 2.02. Fate Therapeutics has a 1 year low of $0.88 and a 1 year high of $8.74. The company has a 50 day simple moving average of $1.38 and a two-hundred day simple moving average of $2.39.

Fate Therapeutics (NASDAQ:FATE) last announced its earnings results on Wednesday, March 5th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. The business had revenue of $1.86 million for the quarter, compared to the consensus estimate of $1.57 million. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. On average, sell-side analysts anticipate that Fate Therapeutics will post -1.63 earnings per share for the current year.

Insider Activity at Fate Therapeutics

In related news, Director Redmile Group, Llc acquired 397,964 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was purchased at an average cost of $1.68 per share, for a total transaction of $668,579.52. Following the purchase, the director now directly owns 12,884,277 shares of the company’s stock, valued at $21,645,585.36. This trade represents a 3.19 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fate Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Baker BROS. Advisors LP lifted its stake in shares of Fate Therapeutics by 8.7% during the 4th quarter. Baker BROS. Advisors LP now owns 3,258,402 shares of the biopharmaceutical company’s stock worth $5,376,000 after purchasing an additional 260,630 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Fate Therapeutics by 10.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,898,377 shares of the biopharmaceutical company’s stock worth $4,782,000 after purchasing an additional 279,360 shares during the last quarter. Vestal Point Capital LP lifted its stake in shares of Fate Therapeutics by 46.3% during the 4th quarter. Vestal Point Capital LP now owns 2,465,000 shares of the biopharmaceutical company’s stock worth $4,067,000 after purchasing an additional 780,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fate Therapeutics by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,258,246 shares of the biopharmaceutical company’s stock worth $7,905,000 after purchasing an additional 10,863 shares during the last quarter. Finally, Tang Capital Management LLC lifted its stake in shares of Fate Therapeutics by 165.1% during the 4th quarter. Tang Capital Management LLC now owns 1,855,954 shares of the biopharmaceutical company’s stock worth $3,062,000 after purchasing an additional 1,155,954 shares during the last quarter. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

About Fate Therapeutics

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.