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

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “neutral” rating reaffirmed by analysts at Wedbush in a research note issued on Tuesday,RTT News reports. They currently have a $5.00 target price on the biopharmaceutical company’s stock. Wedbush’s price target points to a potential upside of 130.41% from the company’s previous close.

FATE has been the topic of a number of other reports. HC Wainwright reaffirmed a “neutral” rating and issued a $5.00 price objective on shares of Fate Therapeutics in a report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Fate Therapeutics in a research note on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $6.89.

Fate Therapeutics Price Performance

Shares of FATE opened at $2.17 on Tuesday. The firm has a market capitalization of $247.12 million, a PE ratio of -1.32 and a beta of 1.88. The company’s 50-day moving average is $3.17 and its 200-day moving average is $3.61. Fate Therapeutics has a fifty-two week low of $2.05 and a fifty-two week high of $8.83.

Fate Therapeutics (NASDAQ:FATE) last released its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.02. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 44.88%. The firm had revenue of $3.07 million for the quarter, compared to analysts’ expectations of $0.88 million. Analysts predict that Fate Therapeutics will post -1.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of Fate Therapeutics by 3.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 167,055 shares of the biopharmaceutical company’s stock valued at $548,000 after purchasing an additional 5,605 shares in the last quarter. Doheny Asset Management CA bought a new position in Fate Therapeutics in the second quarter valued at about $263,000. Ausdal Financial Partners Inc. bought a new stake in shares of Fate Therapeutics during the 2nd quarter valued at approximately $33,000. Exchange Traded Concepts LLC grew its stake in shares of Fate Therapeutics by 40.7% during the third quarter. Exchange Traded Concepts LLC now owns 42,289 shares of the biopharmaceutical company’s stock worth $148,000 after buying an additional 12,230 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Fate Therapeutics by 11.0% during the second quarter. Rhumbline Advisers now owns 160,001 shares of the biopharmaceutical company’s stock valued at $525,000 after purchasing an additional 15,825 shares in the last quarter. 97.54% of the stock is owned by 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.