Fate Therapeutics (NASDAQ:FATE) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Fate Therapeutics (NASDAQ:FATE) from a hold rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

Several other equities research analysts also recently issued reports on FATE. Wells Fargo & Company dropped their price objective on Fate Therapeutics from $3.50 to $3.00 and set an “equal weight” rating on the stock in a report on Friday. Piper Sandler reiterated an “overweight” rating and set a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a research note on Friday, August 14th. Wedbush restated an “outperform” rating and issued a $7.00 price target on shares of Fate Therapeutics in a research note on Tuesday, October 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a report on Wednesday, November 4th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Fate Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $5.80.

Fate Therapeutics Stock Performance

NASDAQ:FATE opened at $1.94 on Friday. Fate Therapeutics has a one year low of $0.95 and a one year high of $3.23. The business’s 50-day simple moving average is $2.23 and its 200 day simple moving average is $1.98. The stock has a market cap of $232.45 million, a price-to-earnings ratio of -1.88 and a beta of 2.65.

Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. The firm had revenue of $1.35 million during the quarter, compared to the consensus estimate of $1.14 million. Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. On average, equities research analysts predict that Fate Therapeutics will post -1.03 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Fate Therapeutics in the 2nd quarter worth approximately $19,707,000. Johnson & Johnson acquired a new stake in shares of Fate Therapeutics during the 2nd quarter valued at approximately $9,123,473. Assenagon Asset Management S.A. raised its position in shares of Fate Therapeutics by 799.5% during 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 acquiring an additional 1,165,927 shares in the last quarter. Irenic Capital Management LP acquired a new stake in shares of Fate Therapeutics during the 1st quarter valued at approximately $1,054,000. Finally, Renaissance Technologies LLC lifted its stake in Fate Therapeutics by 26.0% during the first 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. Institutional investors own 97.54% of the company’s stock.

About Fate Therapeutics

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.