Irenic Capital Management LP Purchases Shares of 878,055 Fate Therapeutics, Inc. $FATE

Irenic Capital Management LP purchased a new stake in shares of Fate Therapeutics, Inc. (NASDAQ:FATE) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 878,055 shares of the biopharmaceutical company’s stock, valued at approximately $1,054,000. Irenic Capital Management LP owned about 0.75% of Fate Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bridgeway Capital Management LLC bought a new position in shares of Fate Therapeutics in the 2nd quarter worth $28,000. Commonwealth Equity Services LLC bought a new stake in shares of Fate Therapeutics during the 4th quarter worth $26,000. Russell Investments Group Ltd. lifted its holdings in shares of Fate Therapeutics by 73.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 28,676 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 12,114 shares during the last quarter. Corient Private Wealth LLC purchased a new position in Fate Therapeutics in the fourth quarter worth $29,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Fate Therapeutics in the fourth quarter worth $35,000. 97.54% of the stock is owned by hedge funds and other institutional investors.

Fate Therapeutics Price Performance

Shares of FATE stock opened at $2.32 on Wednesday. The business has a 50-day moving average of $2.44 and a 200 day moving average of $1.73. Fate Therapeutics, Inc. has a 1-year low of $0.91 and a 1-year high of $3.23. The stock has a market capitalization of $270.42 million, a PE ratio of -2.13 and a beta of 2.51.

Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings results on Wednesday, May 13th. The biopharmaceutical company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.03. The business had revenue of $1.30 million for the quarter, compared to analysts’ expectations of $1.49 million. Fate Therapeutics had a negative return on equity of 58.89% and a negative net margin of 2,056.79%. Analysts anticipate that Fate Therapeutics, Inc. will post -1.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings upgraded Fate Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Jefferies Financial Group set a $4.00 price objective on Fate Therapeutics in a report on Tuesday, May 19th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Fate Therapeutics in a research report on Monday, June 8th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.12.

Insiders Place Their Bets

In other Fate Therapeutics news, insider Cindy Tahl sold 25,590 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $1.88, for a total transaction of $48,109.20. Following the completion of the sale, the insider owned 628,155 shares of the company’s stock, valued at $1,180,931.40. This represents a 3.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.74% of the stock is owned by insiders.

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.