Fate Therapeutics (NASDAQ:FATE) Shares Gap Up to $5.38

Fate Therapeutics, Inc. (NASDAQ:FATE) gapped up before the market opened on Wednesday . The stock had previously closed at $5.38, but opened at $5.50. Fate Therapeutics shares last traded at $5.44, with a volume of 104,858 shares.

Wall Street Analysts Forecast Growth

FATE has been the subject of several recent analyst reports. Oppenheimer reaffirmed a “market perform” rating on shares of Fate Therapeutics in a research note on Tuesday, February 27th. Barclays raised their target price on Fate Therapeutics from $6.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 27th. HC Wainwright reaffirmed a “neutral” rating and set a $7.00 target price on shares of Fate Therapeutics in a research note on Tuesday, March 19th. Bank of America raised their target price on Fate Therapeutics from $2.00 to $6.00 and gave the stock an “underperform” rating in a research note on Thursday, March 28th. Finally, Morgan Stanley raised their target price on Fate Therapeutics from $3.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 27th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $6.73.

Fate Therapeutics Price Performance

The stock has a fifty day moving average price of $6.95 and a two-hundred day moving average price of $4.46. The company has a market cap of $500.17 million, a P/E ratio of -3.07 and a beta of 1.66.

Fate Therapeutics (NASDAQ:FATE) last posted its earnings results on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share for the quarter, beating 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 quarter last year, the company earned ($0.58) earnings per share. Equities analysts predict that Fate Therapeutics, Inc. will post -1.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FATE. State Street Corp lifted its holdings in Fate Therapeutics by 149.9% during the first quarter. State Street Corp now owns 14,830,084 shares of the biopharmaceutical company’s stock worth $84,531,000 after acquiring an additional 8,894,625 shares during the period. BlackRock Inc. lifted its holdings in Fate Therapeutics by 4.4% during the second quarter. BlackRock Inc. now owns 11,978,558 shares of the biopharmaceutical company’s stock worth $57,018,000 after acquiring an additional 502,315 shares during the period. Vanguard Group Inc. lifted its holdings in Fate Therapeutics by 0.7% during the third quarter. Vanguard Group Inc. now owns 7,814,980 shares of the biopharmaceutical company’s stock worth $175,133,000 after acquiring an additional 57,040 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Fate Therapeutics by 1.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 4,983,503 shares of the biopharmaceutical company’s stock worth $123,491,000 after acquiring an additional 72,136 shares during the period. Finally, Capital World Investors lifted its holdings in Fate Therapeutics by 39.9% during the first quarter. Capital World Investors now owns 4,559,673 shares of the biopharmaceutical company’s stock worth $176,779,000 after acquiring an additional 1,300,640 shares during the period. Institutional investors own 97.54% of the company’s stock.

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.