Fate Therapeutics (NASDAQ:FATE) Shares Down 5.4%

Fate Therapeutics, Inc. (NASDAQ:FATE)’s stock price traded down 5.4% during mid-day trading on Friday . The company traded as low as $4.73 and last traded at $4.77. 939,174 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 2,755,729 shares. The stock had previously closed at $5.04.

Wall Street Analyst Weigh In

FATE has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Fate Therapeutics from $3.00 to $7.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 27th. HC Wainwright restated a “neutral” rating and set a $7.00 target price on shares of Fate Therapeutics in a research report on Tuesday, March 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fate Therapeutics in a report on Thursday, April 11th. Bank of America boosted their price objective on Fate Therapeutics from $2.00 to $6.00 and gave the company an “underperform” rating in a research report on Thursday, March 28th. Finally, Wedbush lifted their price target on shares of Fate Therapeutics from $3.00 to $7.00 and gave the company a “neutral” rating in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.73.

Fate Therapeutics Price Performance

The stock has a 50 day simple moving average of $6.95 and a two-hundred day simple moving average of $4.46. The company has a market cap of $538.37 million, a price-to-earnings ratio of -3.07 and a beta of 1.66.

Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings results on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.12. Fate Therapeutics had a negative net margin of 253.30% and a negative return on equity of 38.17%. The firm had revenue of $1.68 million for the quarter, compared to analysts’ expectations of $0.85 million. During the same quarter in the previous year, the company posted ($0.58) EPS. As a group, research analysts forecast that Fate Therapeutics, Inc. will post -1.94 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FATE. Dark Forest Capital Management LP boosted its stake in Fate Therapeutics by 477.9% during the third quarter. Dark Forest Capital Management LP now owns 425,901 shares of the biopharmaceutical company’s stock worth $903,000 after buying an additional 352,204 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in Fate Therapeutics by 1,121.7% in the 3rd 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 purchasing an additional 312,678 shares during the last quarter. 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 valued at $4,555,000 after purchasing an additional 1,236,680 shares during the last quarter. Assenagon Asset Management S.A. raised its position 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 purchasing an additional 280,895 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Fate Therapeutics by 2.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,389,123 shares of the biopharmaceutical company’s stock worth $5,065,000 after purchasing an additional 54,005 shares in the last quarter. 97.54% of the stock is currently 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.