Fate Therapeutics, Inc. (NASDAQ:FATE) Receives $5.90 Consensus Target Price from Analysts

Shares of Fate Therapeutics, Inc. (NASDAQ:FATE) have received an average recommendation of “Hold” from the eight analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $5.90.

A number of equities research analysts recently commented on FATE shares. Wedbush restated an “outperform” rating and issued a $7.00 price objective on shares of Fate Therapeutics in a research report on Friday, August 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Friday, August 7th. Wells Fargo & Company increased their target price on Fate Therapeutics from $2.50 to $3.50 and gave the stock an “equal weight” rating in a research note on Friday, August 14th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Fate Therapeutics in a report on Monday, June 8th. Finally, Piper Sandler reissued an “overweight” rating and issued a $8.00 price target (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th.

Fate Therapeutics Trading Up 0.4%

NASDAQ:FATE opened at $2.53 on Monday. The firm has a market cap of $303.14 million, a P/E ratio of -2.41 and a beta of 2.54. The stock’s 50 day simple moving average is $2.55 and its 200-day simple moving average is $2.07. Fate Therapeutics has a 12-month low of $0.94 and a 12-month high of $3.23.

Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, hitting the consensus estimate of ($0.25). The firm had revenue of $2.08 million during the quarter, compared to the consensus estimate of $1.94 million. Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. Research analysts forecast that Fate Therapeutics will post -1.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Fate Therapeutics

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Fate Therapeutics in the second quarter valued at about $19,707,000. Johnson & Johnson acquired a new stake in shares of Fate Therapeutics in the 2nd quarter worth approximately $9,123,473. Renaissance Technologies LLC grew its holdings in shares of Fate Therapeutics by 26.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock worth $3,570,000 after acquiring an additional 613,802 shares during the period. Irenic Capital Management LP purchased a new position in Fate Therapeutics in the 1st quarter valued at approximately $1,054,000. Finally, Monaco Asset Management SAM raised its holdings in Fate Therapeutics by 7.8% during the fourth quarter. Monaco Asset Management SAM now owns 830,000 shares of the biopharmaceutical company’s stock worth $816,000 after purchasing an additional 60,000 shares during the last quarter. Hedge funds and other institutional investors 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 its induced pluripotent stem cell (iPSC) platform to produce potentially off-the-shelf immune-cell therapies designed to be manufactured at scale and administered to multiple patients.

Its research and development programs include iPSC-derived natural killer (NK) cell and T-cell therapies. Notable candidates have included FT596, an iPSC-derived NK-cell therapy, and FT819, an iPSC-derived T-cell therapy targeting CD19.