Fate Therapeutics (NASDAQ:FATE) Shares Gap Up to $5.38

Fate Therapeutics, Inc. (NASDAQ:FATE)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $5.38, but opened at $5.50. Fate Therapeutics shares last traded at $5.44, with a volume of 104,858 shares traded.

Analyst Ratings Changes

FATE has been the topic of a number of recent research reports. Wedbush raised their price objective on Fate Therapeutics from $3.00 to $7.00 and gave the company a “neutral” rating in a research note on Tuesday, February 27th. Needham & Company LLC reiterated a “hold” rating on shares of Fate Therapeutics in a research report on Thursday, April 11th. Morgan Stanley increased their price target on shares of Fate Therapeutics from $3.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 27th. Bank of America upped their target price on Fate Therapeutics from $2.00 to $6.00 and gave the stock an “underperform” rating in a report on Thursday, March 28th. Finally, Oppenheimer restated a “market perform” rating on shares of Fate Therapeutics in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.73.

Fate Therapeutics Trading Down 1.3 %

The firm’s fifty day moving average price is $6.98 and its two-hundred day moving average price is $4.45.

Fate Therapeutics (NASDAQ:FATE) last released its quarterly earnings results on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.68 million for the quarter, compared to analysts’ expectations of $0.85 million. During the same period in the prior year, the firm earned ($0.58) EPS. As a group, analysts anticipate that Fate Therapeutics, Inc. will post -1.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FATE. Envestnet Asset Management Inc. boosted its position in shares of Fate Therapeutics by 20.0% in the first quarter. Envestnet Asset Management Inc. now owns 8,734 shares of the biopharmaceutical company’s stock worth $339,000 after purchasing an additional 1,457 shares during the period. Raymond James & Associates increased its stake in Fate Therapeutics by 42.6% in the 1st quarter. Raymond James & Associates now owns 29,436 shares of the biopharmaceutical company’s stock worth $1,141,000 after buying an additional 8,790 shares in the last quarter. HighTower Advisors LLC raised its holdings in Fate Therapeutics by 5.9% during the first quarter. HighTower Advisors LLC now owns 18,361 shares of the biopharmaceutical company’s stock valued at $714,000 after acquiring an additional 1,016 shares during the period. Private Advisor Group LLC lifted its position in shares of Fate Therapeutics by 25.7% in the first quarter. Private Advisor Group LLC now owns 9,481 shares of the biopharmaceutical company’s stock valued at $367,000 after acquiring an additional 1,938 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Fate Therapeutics by 17.1% in the first quarter. PNC Financial Services Group Inc. now owns 6,737 shares of the biopharmaceutical company’s stock worth $260,000 after acquiring an additional 986 shares during the period. 97.54% of the stock is currently owned by institutional investors.

Fate Therapeutics Company Profile

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.