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

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a research report issued on Tuesday, Benzinga reports. They presently have a $7.00 target price on the biopharmaceutical company’s stock. Wedbush‘s target price would indicate a potential upside of 238.16% from the stock’s current price.

Several other research firms have also recently weighed in on FATE. Piper Sandler reaffirmed an “overweight” rating and issued a $8.00 price target (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Wells Fargo & Company boosted their price objective on Fate Therapeutics from $2.50 to $3.50 and gave the stock an “equal weight” rating in a report on Friday, August 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Fate Therapeutics presently has an average rating of “Hold” and an average target price of $5.90.

Fate Therapeutics Stock Performance

NASDAQ FATE traded up $0.01 on Tuesday, hitting $2.07. The stock had a trading volume of 923,551 shares, compared to its average volume of 2,353,192. The firm has a 50-day moving average of $2.33 and a 200-day moving average of $1.93. Fate Therapeutics has a 52-week low of $0.95 and a 52-week high of $3.23. The company has a market capitalization of $248.03 million, a price-to-earnings ratio of -1.97 and a beta of 2.52.

Fate Therapeutics (NASDAQ:FATE) last issued 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 company had revenue of $2.08 million for the quarter, compared to the consensus estimate of $1.94 million. Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. As a group, research analysts anticipate that Fate Therapeutics will post -1.03 earnings per share for the current fiscal year.

Institutional Trading of Fate Therapeutics

A number of institutional investors have recently modified their holdings of FATE. Callan Family Office LLC bought a new stake in shares of Fate Therapeutics during the second quarter valued at approximately $29,000. Bank of New York Mellon Corp bought a new position in shares of Fate Therapeutics during the second quarter valued at approximately $31,000. HB Wealth Management LLC purchased a new position in shares of Fate Therapeutics during the second quarter valued at approximately $31,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Fate Therapeutics during the second quarter valued at approximately $32,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Fate Therapeutics in the 2nd quarter worth approximately $35,000. 97.54% of the stock is currently owned by hedge funds and other 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.