Fate Therapeutics (NASDAQ:FATE) Stock Keeps Outperform Rating at Wedbush

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “outperform” rating reaffirmed by 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 target points to a potential upside of 238.16% from the company’s current price.

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

Fate Therapeutics Stock Up 0.5%

Shares of FATE stock traded up $0.01 on Tuesday, reaching $2.07. The company had a trading volume of 923,551 shares, compared to its average volume of 2,353,192. The stock has a market capitalization of $248.03 million, a PE ratio of -1.97 and a beta of 2.52. The business’s 50-day moving average is $2.33 and its 200 day moving average is $1.93. Fate Therapeutics has a one year low of $0.95 and a one year high of $3.23.

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

Institutional Trading of Fate Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in FATE. Assenagon Asset Management S.A. grew its holdings in shares of Fate Therapeutics by 799.5% during the third quarter. Assenagon Asset Management S.A. now owns 1,311,765 shares of the biopharmaceutical company’s stock worth $3,109,000 after purchasing an additional 1,165,927 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Fate Therapeutics during the second quarter worth about $415,000. Corient Private Wealth LP grew its holdings in shares of Fate Therapeutics by 122.7% during the second quarter. Corient Private Wealth LP now owns 66,515 shares of the biopharmaceutical company’s stock worth $180,000 after purchasing an additional 36,650 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Fate Therapeutics during the second quarter worth about $43,000. Finally, HB Wealth Management LLC bought a new stake in shares of Fate Therapeutics during the second quarter worth about $31,000. 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.