Wells Fargo & Company Has Lowered Expectations for Fate Therapeutics (NASDAQ:FATE) Stock Price

Fate Therapeutics (NASDAQ:FATE) had its price target reduced by research analysts at Wells Fargo & Company from $5.00 to $4.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 296.04% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Wedbush reaffirmed a “neutral” rating and issued a $5.00 price objective on shares of Fate Therapeutics in a research note on Thursday. StockNews.com raised Fate Therapeutics from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Fate Therapeutics in a report on Thursday. Finally, Bank of America raised Fate Therapeutics from an “underperform” rating to a “neutral” rating in a research note on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Fate Therapeutics has an average rating of “Hold” and an average price target of $5.50.

Fate Therapeutics Trading Down 2.9 %

Shares of NASDAQ FATE opened at $1.01 on Thursday. Fate Therapeutics has a twelve month low of $0.88 and a twelve month high of $8.74. The stock has a fifty day simple moving average of $1.38 and a 200-day simple moving average of $2.39. The stock has a market capitalization of $115.03 million, a PE ratio of -0.61 and a beta of 2.02.

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

Insider Transactions at Fate Therapeutics

In other Fate Therapeutics news, Director Redmile Group, Llc acquired 397,964 shares of the stock in a transaction dated Friday, December 20th. The stock was acquired at an average cost of $1.68 per share, with a total value of $668,579.52. Following the transaction, the director now owns 12,884,277 shares in the company, valued at $21,645,585.36. The trade was a 3.19 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FATE. Privium Fund Management B.V. acquired a new position in shares of Fate Therapeutics during the 3rd quarter worth about $175,000. Thrivent Financial for Lutherans boosted its position in shares of Fate Therapeutics by 24.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 125,370 shares of the biopharmaceutical company’s stock valued at $439,000 after purchasing an additional 24,804 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Fate Therapeutics in the 3rd quarter valued at about $108,000. FMR LLC boosted its position in shares of Fate Therapeutics by 25.9% in the 3rd quarter. FMR LLC now owns 227,981 shares of the biopharmaceutical company’s stock valued at $798,000 after purchasing an additional 46,892 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of Fate Therapeutics by 1,307.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 174,148 shares of the biopharmaceutical company’s stock valued at $610,000 after purchasing an additional 161,776 shares during the period. 97.54% of the stock is owned by institutional investors and hedge funds.

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.