Fate Therapeutics (NASDAQ:FATE) Shares Down 5.4%

Fate Therapeutics, Inc. (NASDAQ:FATE) shares dropped 5.4% on Friday . The stock traded as low as $4.73 and last traded at $4.77. Approximately 939,174 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,755,729 shares. The stock had previously closed at $5.04.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. HC Wainwright reiterated a “neutral” rating and set a $7.00 target price on shares of Fate Therapeutics in a research report on Tuesday, March 19th. BMO Capital Markets boosted their price objective on Fate Therapeutics from $6.00 to $7.00 and gave the company a “market perform” rating in a research note on Tuesday, February 27th. Wedbush raised their target price on Fate Therapeutics from $3.00 to $7.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 27th. Morgan Stanley upped their target price on shares of Fate Therapeutics from $3.00 to $7.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 27th. Finally, Bank of America upped their price target on shares of Fate Therapeutics from $2.00 to $6.00 and gave the stock an “underperform” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Fate Therapeutics currently has an average rating of “Hold” and a consensus price target of $6.73.

Fate Therapeutics Price Performance

The company has a 50 day simple moving average of $6.95 and a 200-day simple moving average of $4.46. The firm has a market cap of $538.37 million, a PE ratio of -3.07 and a beta of 1.66.

Fate Therapeutics (NASDAQ:FATE) last announced 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. The company had revenue of $1.68 million during the quarter, compared to analysts’ expectations of $0.85 million. Fate Therapeutics had a negative net margin of 253.30% and a negative return on equity of 38.17%. During the same quarter in the prior year, the company earned ($0.58) EPS. On average, sell-side analysts predict that Fate Therapeutics, Inc. will post -1.94 EPS for the current fiscal year.

Institutional Trading of Fate Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp raised its holdings 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 valued at $84,531,000 after buying an additional 8,894,625 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Fate Therapeutics by 4,653.6% during the fourth quarter. Point72 Asset Management L.P. now owns 3,489,163 shares of the biopharmaceutical company’s stock valued at $13,049,000 after acquiring an additional 3,415,762 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Fate Therapeutics by 347.1% during the fourth quarter. Millennium Management LLC now owns 2,864,476 shares of the biopharmaceutical company’s stock worth $28,903,000 after purchasing an additional 2,223,752 shares during the period. BlackRock Inc. grew its stake in shares of Fate Therapeutics by 18.0% in the first quarter. BlackRock Inc. now owns 11,476,243 shares of the biopharmaceutical company’s stock worth $65,415,000 after purchasing an additional 1,750,019 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Fate Therapeutics by 350.9% during 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.