Wedbush Reiterates “Neutral” Rating for Fate Therapeutics (NASDAQ:FATE)

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “neutral” rating reissued by equities research analysts at Wedbush in a note issued to investors on Tuesday, Benzinga reports. They presently have a $7.00 price objective on the biopharmaceutical company’s stock. Wedbush’s target price would indicate a potential upside of 62.79% from the company’s current price.

A number of other equities analysts have also weighed in on FATE. Morgan Stanley upped their target price on Fate Therapeutics from $3.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 27th. HC Wainwright reiterated a “neutral” rating and set a $7.00 price target on shares of Fate Therapeutics in a report on Tuesday, March 19th. Needham & Company LLC reiterated a “hold” rating on shares of Fate Therapeutics in a report on Thursday, April 11th. Oppenheimer reiterated a “market perform” rating on shares of Fate Therapeutics in a report on Tuesday, February 27th. Finally, BMO Capital Markets upped their price target on Fate Therapeutics from $6.00 to $7.00 and gave the stock a “market perform” rating in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.73.

Fate Therapeutics Stock Performance

Shares of FATE opened at $4.30 on Tuesday. Fate Therapeutics has a 52-week low of $1.63 and a 52-week high of $8.83. The business’s 50 day moving average price is $6.84 and its two-hundred day moving average price is $4.56. The firm has a market cap of $489.41 million, a PE ratio of -2.62 and a beta of 1.66.

Fate Therapeutics (NASDAQ:FATE) last issued its earnings results on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.68 million for the quarter, compared to analyst estimates of $0.85 million. During the same period in the prior year, the firm earned ($0.58) earnings per share. Research analysts predict that Fate Therapeutics will post -1.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Fate Therapeutics

Several large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its holdings in Fate Therapeutics by 1,462.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,548,304 shares of the biopharmaceutical company’s stock worth $18,705,000 after acquiring an additional 2,385,207 shares during the last quarter. Vestal Point Capital LP purchased a new stake in Fate Therapeutics in the 4th quarter worth about $4,825,000. Acadian Asset Management LLC increased its holdings in Fate Therapeutics by 135.5% in the 3rd quarter. Acadian Asset Management LLC now owns 2,149,597 shares of the biopharmaceutical company’s stock worth $4,555,000 after acquiring an additional 1,236,680 shares during the last quarter. Superstring Capital Management LP purchased a new stake in Fate Therapeutics in the 4th quarter worth about $3,171,000. Finally, Monaco Asset Management SAM increased its holdings in Fate Therapeutics by 83.8% in the 3rd quarter. Monaco Asset Management SAM now owns 1,847,944 shares of the biopharmaceutical company’s stock worth $3,918,000 after acquiring an additional 842,718 shares during the last quarter. 97.54% of the stock is owned by hedge funds and other 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.