Fate Therapeutics (NASDAQ:FATE) Price Target Cut to $3.00 by Analysts at Wells Fargo & Company

Fate Therapeutics (NASDAQ:FATE) had its price target trimmed by Wells Fargo & Company from $3.50 to $3.00 in a report published on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Wedbush restated an “outperform” rating and set a $7.00 price target on shares of Fate Therapeutics in a research report on Tuesday, October 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a research note on Wednesday. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.80.

Fate Therapeutics Trading Down 0.8%

NASDAQ:FATE traded down $0.01 during trading hours on Friday, reaching $1.83. 1,862,246 shares of the company were exchanged, compared to its average volume of 1,165,482. The firm has a market cap of $219.87 million, a PE ratio of -1.78 and a beta of 2.65. Fate Therapeutics has a twelve month low of $0.95 and a twelve month high of $3.23. The stock’s 50-day moving average is $2.24 and its 200-day moving average is $1.97.

Fate Therapeutics (NASDAQ:FATE) last released its earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.02. Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. The business had revenue of $1.35 million for the quarter, compared to the consensus estimate of $1.14 million. As a group, research analysts anticipate that Fate Therapeutics will post -1.03 EPS for the current year.

Institutional Investors Weigh In On Fate Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Johnson & Johnson acquired a new position in shares of Fate Therapeutics in the 2nd quarter valued at $9,123,473. BlackRock Inc. acquired a new stake in shares of Fate Therapeutics during the 2nd quarter worth about $19,707,000. Renaissance Technologies LLC increased its position in shares of Fate Therapeutics by 26.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock worth $3,570,000 after purchasing an additional 613,802 shares during the last quarter. Irenic Capital Management LP acquired a new stake in shares of Fate Therapeutics during the 1st quarter worth about $1,054,000. Finally, Assenagon Asset Management S.A. raised its holdings in Fate Therapeutics by 799.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,311,765 shares of the biopharmaceutical company’s stock valued at $3,109,000 after buying an additional 1,165,927 shares during the period. Institutional investors and hedge funds own 97.54% of the company’s stock.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cellular immunotherapies for cancer and autoimmune diseases. The company uses induced pluripotent stem cell (iPSC) technology to create standardized, potentially off-the-shelf immune cell products, including natural killer (NK) cells and T cells.

Its research and development activities include iPSC-derived cell therapies engineered to recognize and attack cancer cells. Fate’s pipeline has included candidates such as FT819, an iPSC-derived, CD19-targeted CAR T-cell therapy, along with other investigational NK-cell and T-cell programs.