Fate Therapeutics (NASDAQ:FATE) Earns Neutral Rating from Wedbush

Wedbush reissued their neutral rating on shares of Fate Therapeutics (NASDAQ:FATE) in a research report report published on Monday, Marketbeat reports. The brokerage currently has a $7.00 price objective on the biopharmaceutical company’s stock. Wedbush also issued estimates for Fate Therapeutics’ Q1 2024 earnings at ($0.42) EPS, Q2 2024 earnings at ($0.43) EPS, Q3 2024 earnings at ($0.45) EPS, FY2024 earnings at ($1.70) EPS, FY2025 earnings at ($1.47) EPS, FY2026 earnings at ($1.38) EPS and FY2027 earnings at ($1.32) EPS.

A number of other equities research analysts have also recently commented on the stock. BMO Capital Markets raised their target price on shares of Fate Therapeutics from $6.00 to $7.00 and gave the stock a market perform rating in a research note on Tuesday, February 27th. Needham & Company LLC reaffirmed a hold rating on shares of Fate Therapeutics in a report on Thursday, April 11th. Bank of America raised their price target on Fate Therapeutics from $2.00 to $6.00 and gave the company an underperform rating in a report on Thursday, March 28th. Barclays increased their target price on Fate Therapeutics from $6.00 to $10.00 and gave the stock an overweight rating in a research report on Tuesday, February 27th. Finally, Morgan Stanley boosted their price target on Fate Therapeutics from $3.00 to $7.00 and gave the stock an equal weight rating in a report on Tuesday, February 27th. One equities 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $6.90.

Fate Therapeutics Price Performance

Shares of Fate Therapeutics stock opened at $3.70 on Monday. The stock has a market capitalization of $421.12 million, a PE ratio of -2.26 and a beta of 1.80. Fate Therapeutics has a 1-year low of $1.63 and a 1-year high of $8.83. The company’s fifty day simple moving average is $6.16 and its 200-day simple moving average is $4.71.

Fate Therapeutics (NASDAQ:FATE) last released its 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 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 the consensus estimate of $0.85 million. During the same period in the previous year, the business earned ($0.58) earnings per share. As a group, research analysts anticipate that Fate Therapeutics will post -1.94 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its stake in Fate Therapeutics by 1,462.4% in the first quarter. Assenagon Asset Management S.A. now owns 2,548,304 shares of the biopharmaceutical company’s stock worth $18,705,000 after purchasing an additional 2,385,207 shares during the period. Vestal Point Capital LP purchased a new stake in Fate Therapeutics in the 4th quarter valued at about $4,825,000. Acadian Asset Management LLC increased its position in shares of Fate Therapeutics by 135.5% during the third 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 period. Superstring Capital Management LP bought a new stake in shares of Fate Therapeutics during the fourth quarter valued at approximately $3,171,000. Finally, Monaco Asset Management SAM boosted its holdings in shares of Fate Therapeutics by 83.8% in the third quarter. Monaco Asset Management SAM now owns 1,847,944 shares of the biopharmaceutical company’s stock valued at $3,918,000 after purchasing an additional 842,718 shares during the period. 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.