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

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $7.00 price objective on the biopharmaceutical company’s stock. Wedbush‘s target price indicates a potential upside of 237.35% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. Piper Sandler reissued an “overweight” rating and issued a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a research note on Friday, August 7th. Finally, Wells Fargo & Company increased 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, August 14th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.90.

Fate Therapeutics Price Performance

NASDAQ FATE traded up $0.02 on Tuesday, hitting $2.08. 180,264 shares of the company’s stock were exchanged, compared to its average volume of 2,349,212. The firm has a market cap of $248.63 million, a price-to-earnings ratio of -1.98 and a beta of 2.52. The firm’s 50-day moving average price is $2.33 and its two-hundred day moving average price is $1.93. Fate Therapeutics has a fifty-two week low of $0.95 and a fifty-two week high of $3.23.

Fate Therapeutics (NASDAQ:FATE) last posted its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.25) EPS for the quarter, meeting the consensus estimate of ($0.25). Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. The business had revenue of $2.08 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, research analysts predict that Fate Therapeutics will post -1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fate Therapeutics

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Fate Therapeutics during the second quarter worth $19,707,000. Johnson & Johnson acquired a new stake in Fate Therapeutics in the second quarter valued at $9,123,473. Renaissance Technologies LLC increased its position in shares of Fate Therapeutics by 26.0% in the first quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock valued at $3,570,000 after buying an additional 613,802 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Fate Therapeutics by 799.5% in the third quarter. Assenagon Asset Management S.A. now owns 1,311,765 shares of the biopharmaceutical company’s stock valued at $3,109,000 after buying an additional 1,165,927 shares in the last quarter. Finally, Irenic Capital Management LP purchased a new position in shares of Fate Therapeutics in the first quarter valued at $1,054,000. 97.54% of the stock is owned by hedge funds and other institutional investors.

Fate Therapeutics Company Profile

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.