Fate Therapeutics, Inc. (NASDAQ:FATE) Stock Has Average Target Price of $5.90

Fate Therapeutics, Inc. (NASDAQ:FATE) has received an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $5.90.

A number of research firms recently issued reports on FATE. Wells Fargo & Company lifted their price target on shares of Fate Therapeutics from $2.50 to $3.50 and gave the company an “equal weight” rating in a research note on Friday, August 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Friday, August 7th. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 price objective (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Finally, Wedbush reiterated an “outperform” rating and issued a $7.00 target price on shares of Fate Therapeutics in a research report on Tuesday, October 27th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Fate Therapeutics during the second quarter worth $19,707,000. Johnson & Johnson purchased a new stake in shares of Fate Therapeutics in the second quarter valued at approximately $9,123,473. Renaissance Technologies LLC grew its position in shares of Fate Therapeutics by 26.0% in the first quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock valued at $3,570,000 after purchasing an additional 613,802 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Fate Therapeutics by 799.5% in the third quarter. Assenagon Asset Management S.A. now owns 1,311,765 shares of the biopharmaceutical company’s stock valued at $3,109,000 after purchasing an additional 1,165,927 shares in the last quarter. Finally, Irenic Capital Management LP acquired a new stake in shares of Fate Therapeutics in the first quarter valued at approximately $1,054,000. 97.54% of the stock is owned by hedge funds and other institutional investors.

Fate Therapeutics Stock Performance

Shares of Fate Therapeutics stock opened at $1.85 on Tuesday. The firm has a 50-day simple moving average of $2.25 and a two-hundred day simple moving average of $1.97. Fate Therapeutics has a fifty-two week low of $0.95 and a fifty-two week high of $3.23. The company has a market cap of $221.67 million, a P/E ratio of -1.76 and a beta of 2.65.

Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.02. The firm had revenue of $1.35 million during the quarter, compared to analyst estimates of $1.14 million. Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. Equities research analysts forecast that Fate Therapeutics will post -1.03 EPS for the current year.

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.