Fate Therapeutics (NASDAQ:FATE) Given Outperform Rating at Wedbush

Wedbush reissued their outperform rating on shares of Fate Therapeutics (NASDAQ:FATE) in a research note published on Friday,Benzinga reports. The firm currently has a $7.00 price objective on the biopharmaceutical company’s stock.

Several other research firms have also weighed in on FATE. Jefferies Financial Group set a $4.00 price objective on shares of Fate Therapeutics in a research note on Tuesday, May 19th. Wells Fargo & Company boosted their price target on shares of Fate Therapeutics from $2.50 to $3.50 and gave the company an “equal weight” rating in a report on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Friday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Fate Therapeutics in a research note on Monday, June 8th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.90.

Fate Therapeutics Trading Up 2.0%

NASDAQ:FATE opened at $2.57 on Friday. Fate Therapeutics has a 1-year low of $0.93 and a 1-year high of $3.23. The firm has a market capitalization of $299.56 million, a price-to-earnings ratio of -2.45 and a beta of 2.52. The business’s 50-day moving average price is $2.50 and its two-hundred day moving average price is $1.86.

Fate Therapeutics (NASDAQ:FATE) last posted its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.25). The company had revenue of $2.08 million during the quarter, compared to analyst estimates of $1.94 million. Fate Therapeutics had a negative return on equity of 60.87% and a negative net margin of 1,941.09%. Sell-side analysts predict that Fate Therapeutics will post -1.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Cindy Tahl sold 25,590 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $1.88, for a total value of $48,109.20. Following the completion of the transaction, the insider owned 628,155 shares in the company, valued at $1,180,931.40. This represents a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 4.74% of the company’s stock.

Institutional Investors Weigh In On Fate Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Callan Family Office LLC bought a new stake in shares of Fate Therapeutics in the second quarter valued at about $29,000. Bank of New York Mellon Corp acquired a new stake in Fate Therapeutics in the 2nd quarter valued at about $31,000. Focus Partners Advisor Solutions LLC acquired a new position in Fate Therapeutics during the second quarter worth approximately $32,000. Russell Investments Group Ltd. raised its stake in Fate Therapeutics by 73.1% in the third quarter. Russell Investments Group Ltd. now owns 28,676 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 12,114 shares during the period. Finally, Deutsche Bank AG bought a new stake in Fate Therapeutics in the second quarter valued at approximately $41,000. 97.54% of the stock is owned by institutional investors.

About Fate Therapeutics

Fate Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of first‐in‐class cellular immunotherapies for cancer and immune disorders. The company leverages its proprietary induced pluripotent stem cell (iPSC) platform to create off‐the‐shelf natural killer (NK) and T‐cell products designed to overcome limitations of donor‐derived approaches. Fate’s research aims to deliver therapies with consistent quality, increased potency and scalable manufacturing for broad patient access.

Central to Fate’s pipeline are multiple iPSC‐derived cell therapy candidates in active clinical development.