Fate Therapeutics (NASDAQ:FATE) Price Target Raised to $6.00 at Bank of America

Fate Therapeutics (NASDAQ:FATE) had its price objective increased by investment analysts at Bank of America from $2.00 to $6.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “underperform” rating on the biopharmaceutical company’s stock. Bank of America‘s price target suggests a potential downside of 19.57% from the stock’s previous close.

A number of other brokerages have also commented on FATE. Oppenheimer reiterated a “market perform” rating on shares of Fate Therapeutics in a research report on Tuesday, February 27th. Wedbush upped their price objective on Fate Therapeutics from $3.00 to $7.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 27th. Morgan Stanley increased their target price on Fate Therapeutics from $3.00 to $7.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 27th. BMO Capital Markets raised their target price on Fate Therapeutics from $6.00 to $7.00 and gave the company a “market perform” rating in a report on Tuesday, February 27th. Finally, HC Wainwright reiterated a “neutral” rating and issued a $7.00 price objective on shares of Fate Therapeutics in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.73.

Fate Therapeutics Trading Up 1.6 %

NASDAQ FATE traded up $0.12 on Thursday, reaching $7.46. 1,044,943 shares of the stock were exchanged, compared to its average volume of 2,922,030. The firm has a market capitalization of $740.33 million, a PE ratio of -4.53 and a beta of 1.67. Fate Therapeutics has a one year low of $1.63 and a one year high of $8.83. The company’s 50-day simple moving average is $6.64 and its two-hundred day simple moving average is $4.02.

Fate Therapeutics (NASDAQ:FATE) last posted its quarterly earnings data on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.12. The firm had revenue of $1.68 million for the quarter, compared to the consensus estimate 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 posted ($0.58) earnings per share. Sell-side analysts forecast that Fate Therapeutics will post -1.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fate Therapeutics news, insider Bahram Valamehr sold 11,271 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $4.38, for a total transaction of $49,366.98. Following the completion of the sale, the insider now directly owns 158,069 shares in the company, valued at $692,342.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Bahram Valamehr sold 11,271 shares of Fate Therapeutics stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $4.38, for a total value of $49,366.98. Following the completion of the sale, the insider now directly owns 158,069 shares in the company, valued at $692,342.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO J Scott Wolchko sold 14,391 shares of Fate Therapeutics stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $4.37, for a total transaction of $62,888.67. Following the completion of the sale, the chief executive officer now owns 371,248 shares of the company’s stock, valued at $1,622,353.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,413 shares of company stock valued at $199,732. 5.04% of the stock is currently owned by corporate insiders.

Institutional Trading of Fate Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of FATE. Dark Forest Capital Management LP grew its stake in shares of Fate Therapeutics by 477.9% in the third quarter. Dark Forest Capital Management LP now owns 425,901 shares of the biopharmaceutical company’s stock worth $903,000 after purchasing an additional 352,204 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Fate Therapeutics by 281.3% in the third quarter. Assenagon Asset Management S.A. now owns 380,737 shares of the biopharmaceutical company’s stock valued at $807,000 after buying an additional 280,895 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Fate Therapeutics by 1,121.7% in the third quarter. State Board of Administration of Florida Retirement System now owns 340,554 shares of the biopharmaceutical company’s stock valued at $722,000 after buying an additional 312,678 shares during the period. Acadian Asset Management LLC grew its position 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 purchasing an additional 1,236,680 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Fate Therapeutics by 2.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,389,123 shares of the biopharmaceutical company’s stock worth $5,065,000 after buying an additional 54,005 shares in the last quarter. 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.