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

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a report released on Tuesday, Benzinga reports. They currently have a $7.00 target price on the biopharmaceutical company’s stock. Wedbush‘s target price points to a potential upside of 239.81% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a report on Friday, August 7th. Wells Fargo & Company boosted their target price on shares of Fate Therapeutics from $2.50 to $3.50 and gave the company an “equal weight” rating in a research note on Friday, August 14th. Finally, Piper Sandler reissued an “overweight” rating and set a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a research note on Friday, August 14th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.90.

Fate Therapeutics Price Performance

NASDAQ FATE opened at $2.06 on Tuesday. Fate Therapeutics has a 1 year low of $0.95 and a 1 year high of $3.23. The business’s fifty day moving average is $2.31 and its two-hundred day moving average is $1.93.

Fate Therapeutics (NASDAQ:FATE) last posted its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.25). The company had revenue of $2.08 million during the quarter, compared to the consensus estimate of $1.94 million. On average, equities analysts anticipate that Fate Therapeutics will post -1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fate Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Johnson & Johnson bought a new stake in Fate Therapeutics in the second quarter worth $9,123,473. BlackRock Inc. bought a new stake in Fate Therapeutics in the second quarter worth $19,707,000. Renaissance Technologies LLC boosted its holdings in Fate Therapeutics by 26.0% in the first quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock worth $3,570,000 after purchasing an additional 613,802 shares in the last quarter. Irenic Capital Management LP bought a new stake in Fate Therapeutics in the first quarter worth $1,054,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Fate Therapeutics during the second quarter valued at about $1,552,000. 97.54% of the stock is owned by institutional investors and hedge funds.

About Fate Therapeutics

Fate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cellular immunotherapies for cancer and autoimmune diseases. The company uses induced pluripotent stem cell (iPSC) technology to create standardized, potentially off-the-shelf immune cell products, including natural killer (NK) cells and T cells.

Its research and development activities include iPSC-derived cell therapies engineered to recognize and attack cancer cells. Fate’s pipeline has included candidates such as FT819, an iPSC-derived, CD19-targeted CAR T-cell therapy, along with other investigational NK-cell and T-cell programs.