Bank of America Upgrades Fate Therapeutics (NASDAQ:FATE) to Neutral

Fate Therapeutics (NASDAQ:FATE) was upgraded by Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Monday, Marketbeat Ratings reports.

Other analysts have also issued research reports about the company. HC Wainwright reiterated a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a research note on Thursday, August 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Fate Therapeutics in a research note on Wednesday, November 13th. Finally, Wedbush reiterated a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.89.

Fate Therapeutics Stock Performance

NASDAQ:FATE opened at $2.18 on Monday. The stock’s fifty day moving average is $3.06 and its 200 day moving average is $3.56. Fate Therapeutics has a fifty-two week low of $1.96 and a fifty-two week high of $8.83. The firm has a market capitalization of $248.28 million, a PE ratio of -1.32 and a beta of 1.88.

Fate Therapeutics (NASDAQ:FATE) last released its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.02. 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 $3.07 million for the quarter, compared to analyst estimates of $0.88 million. Equities analysts forecast that Fate Therapeutics will post -1.72 EPS for the current year.

Hedge Funds Weigh In On Fate Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ausdal Financial Partners Inc. purchased a new position in Fate Therapeutics in the second quarter valued at about $33,000. Dark Forest Capital Management LP purchased a new position in Fate Therapeutics in the second quarter valued at about $63,000. DRW Securities LLC purchased a new position in Fate Therapeutics in the second quarter valued at about $71,000. Castleview Partners LLC purchased a new position in Fate Therapeutics in the third quarter valued at about $73,000. Finally, Arizona State Retirement System purchased a new position in Fate Therapeutics in the second quarter valued at about $84,000. Institutional investors own 97.54% of the company’s stock.

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.