Fate Therapeutics (NASDAQ:FATE) Earns “Outperform” Rating from Wedbush

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $7.00 target price on the biopharmaceutical company’s stock. Wedbush‘s price objective would suggest a potential upside of 238.16% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fate Therapeutics in a report on Friday, August 7th. Wells Fargo & Company lifted their price objective on Fate Therapeutics from $2.50 to $3.50 and gave the stock an “equal weight” rating in a report on Friday, August 14th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $8.00 price objective (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.90.

Fate Therapeutics Stock Performance

Shares of FATE traded up $0.01 during trading hours on Tuesday, hitting $2.07. The company had a trading volume of 923,551 shares, compared to its average volume of 2,353,192. Fate Therapeutics has a 52-week low of $0.95 and a 52-week high of $3.23. The firm has a fifty day moving average price of $2.33 and a 200-day moving average price of $1.93. The stock has a market capitalization of $248.03 million, a price-to-earnings ratio of -1.97 and a beta of 2.52.

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

Institutional Investors Weigh In On Fate Therapeutics

Several large investors have recently bought and sold shares of the business. Callan Family Office LLC purchased a new stake in shares of Fate Therapeutics during the 2nd quarter worth approximately $29,000. Bank of New York Mellon Corp purchased a new stake in shares of Fate Therapeutics during the 2nd quarter worth approximately $31,000. HB Wealth Management LLC purchased a new stake in shares of Fate Therapeutics during the 2nd quarter worth approximately $31,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Fate Therapeutics during the 2nd quarter worth approximately $32,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Fate Therapeutics during the 2nd quarter worth approximately $35,000. 97.54% of the stock is currently owned by institutional investors.

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.