Fate Therapeutics’ (FATE) “Buy” Rating Reaffirmed at HC Wainwright

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They presently have a $7.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 253.54% from the company’s previous close.

FATE has been the subject of several other reports. Jefferies Financial Group set a $4.00 price objective on shares of Fate Therapeutics in a report on Tuesday, May 19th. Weiss Ratings upgraded shares of Fate Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Fate Therapeutics has an average rating of “Hold” and an average price target of $5.13.

Fate Therapeutics Stock Performance

Shares of NASDAQ FATE opened at $1.98 on Monday. Fate Therapeutics has a 12 month low of $0.91 and a 12 month high of $2.88. The firm has a market capitalization of $230.79 million, a PE ratio of -1.82 and a beta of 2.53. The firm has a fifty day simple moving average of $1.73 and a two-hundred day simple moving average of $1.36.

Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings data on Wednesday, May 13th. The biopharmaceutical company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.03. Fate Therapeutics had a negative net margin of 2,056.79% and a negative return on equity of 58.89%. The business had revenue of $1.30 million during the quarter, compared to analyst estimates of $1.49 million. On average, sell-side analysts predict that Fate Therapeutics will post -1.04 earnings per share for the current year.

Insider Activity

In related news, insider Cindy Tahl sold 25,590 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $1.88, for a total value of $48,109.20. Following the completion of the transaction, the insider directly owned 628,155 shares in the company, valued at $1,180,931.40. This trade represents a 3.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FATE. Renaissance Technologies LLC increased its stake in shares of Fate Therapeutics by 87.0% in the 4th quarter. Renaissance Technologies LLC now owns 2,360,881 shares of the biopharmaceutical company’s stock worth $2,320,000 after acquiring an additional 1,098,366 shares in the last quarter. Irenic Capital Management LP bought a new position in shares of Fate Therapeutics in the 1st quarter worth about $1,054,000. Two Sigma Investments LP increased its stake in shares of Fate Therapeutics by 294.4% in the 3rd quarter. Two Sigma Investments LP now owns 900,757 shares of the biopharmaceutical company’s stock worth $1,135,000 after acquiring an additional 672,352 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Fate Therapeutics by 296.4% in the 1st quarter. AQR Capital Management LLC now owns 585,025 shares of the biopharmaceutical company’s stock worth $462,000 after acquiring an additional 437,423 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Fate Therapeutics by 631.4% in the 2nd quarter. Jane Street Group LLC now owns 465,820 shares of the biopharmaceutical company’s stock worth $522,000 after acquiring an additional 402,129 shares in the last quarter. 97.54% of the stock is currently owned by institutional investors.

About Fate Therapeutics

Fate Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of first‐in‐class cellular immunotherapies for cancer and immune disorders. The company leverages its proprietary induced pluripotent stem cell (iPSC) platform to create off‐the‐shelf natural killer (NK) and T‐cell products designed to overcome limitations of donor‐derived approaches. Fate’s research aims to deliver therapies with consistent quality, increased potency and scalable manufacturing for broad patient access.

Central to Fate’s pipeline are multiple iPSC‐derived cell therapy candidates in active clinical development.