Fate Therapeutics (NASDAQ:FATE) Price Target Raised to $6.00 at Bank of America

Fate Therapeutics (NASDAQ:FATE) had its target price boosted by equities research analysts at Bank of America from $2.00 to $6.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “underperform” rating on the biopharmaceutical company’s stock. Bank of America‘s target price indicates a potential downside of 19.57% from the stock’s previous close.

A number of other brokerages have also recently weighed in on FATE. Wedbush upped their price target on Fate Therapeutics from $3.00 to $7.00 and gave the company a “neutral” rating in a research report on Tuesday, February 27th. Oppenheimer reiterated a “market perform” rating on shares of Fate Therapeutics in a research report on Tuesday, February 27th. Barclays upped their price target on Fate Therapeutics from $6.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, February 27th. Morgan Stanley boosted their price objective on Fate Therapeutics from $3.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 27th. Finally, HC Wainwright reissued a “neutral” rating and issued a $7.00 price objective on shares of Fate Therapeutics in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $6.73.

Fate Therapeutics Price Performance

Shares of FATE traded up $0.12 on Thursday, reaching $7.46. 1,044,943 shares of the stock traded hands, compared to its average volume of 2,922,030. The firm has a market cap of $740.33 million, a price-to-earnings ratio of -4.53 and a beta of 1.67. Fate Therapeutics has a 12 month low of $1.63 and a 12 month high of $8.83. The stock’s 50-day moving average price is $6.64 and its 200-day moving average price is $4.02.

Fate Therapeutics (NASDAQ:FATE) last released its quarterly earnings data on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. Fate Therapeutics had a negative return on equity of 38.17% and a negative net margin of 253.30%. The business had revenue of $1.68 million for the quarter, compared to analysts’ expectations of $0.85 million. During the same period in the previous year, the business posted ($0.58) earnings per share. As a group, equities research analysts forecast that Fate Therapeutics will post -1.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fate Therapeutics news, insider Bahram Valamehr sold 11,271 shares of the firm’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $4.38, for a total transaction of $49,366.98. Following the transaction, the insider now owns 158,069 shares in the company, valued at approximately $692,342.22. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Bahram Valamehr sold 11,271 shares of Fate Therapeutics stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $4.38, for a total value of $49,366.98. Following the transaction, the insider now owns 158,069 shares in the company, valued at approximately $692,342.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO J Scott Wolchko sold 14,391 shares of Fate Therapeutics stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $4.37, for a total value of $62,888.67. Following the completion of the transaction, the chief executive officer now owns 371,248 shares in the company, valued at approximately $1,622,353.76. The disclosure for this sale can be found here. Insiders have sold a total of 45,413 shares of company stock worth $199,732 in the last 90 days. Company insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On Fate Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of FATE. State Street Corp grew its position in Fate Therapeutics by 149.9% during the 1st quarter. State Street Corp now owns 14,830,084 shares of the biopharmaceutical company’s stock worth $84,531,000 after acquiring an additional 8,894,625 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Fate Therapeutics by 4,653.6% during the 4th quarter. Point72 Asset Management L.P. now owns 3,489,163 shares of the biopharmaceutical company’s stock worth $13,049,000 after buying an additional 3,415,762 shares during the period. Millennium Management LLC lifted its holdings in Fate Therapeutics by 347.1% during the 4th quarter. Millennium Management LLC now owns 2,864,476 shares of the biopharmaceutical company’s stock worth $28,903,000 after buying an additional 2,223,752 shares during the period. BlackRock Inc. lifted its holdings in Fate Therapeutics by 18.0% during the 1st quarter. BlackRock Inc. now owns 11,476,243 shares of the biopharmaceutical company’s stock worth $65,415,000 after buying an additional 1,750,019 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Fate Therapeutics by 350.9% in the 1st quarter. Bank of America Corp DE now owns 2,154,529 shares of the biopharmaceutical company’s stock valued at $12,281,000 after purchasing an additional 1,676,652 shares during the period. Institutional investors own 97.54% of the company’s stock.

About Fate Therapeutics

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. The company's chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT576 to treat multiple myeloma, and FT522, to treat lymphoma and autoimmune disorders.