Fate Therapeutics (NASDAQ:FATE) Given New $3.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo lowered Fate Therapeutics’ price target to $3.00 from $3.50, maintaining an equal-weight rating; the new target implies 55.84% upside from the $1.93 share price cited in the article.
• Analyst views are mixed but lean positive: MarketBeat reports a “Moderate Buy” consensus and an average $5.80 price target, alongside four Buy, one Hold, and one Sell rating.
• Fate Therapeutics reported a quarterly loss of $0.25 per share, slightly better than the $0.27 loss analysts expected, and revenue of $1.35 million versus estimates of $1.14 million.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) had its target price decreased by research analysts at Wells Fargo & Company from $3.50 to $3.00 in a report released on Friday, Benzinga reports. The firm currently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's target price would suggest a potential upside of 55.84% from the company's current price.

Several other research analysts have also issued reports on the company. Wedbush restated an "outperform" rating and issued a $7.00 price target on shares of Fate Therapeutics in a research report on Tuesday, October 27th. Piper Sandler restated an "overweight" rating and set a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a research report on Friday, August 14th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Fate Therapeutics in a research report on Wednesday. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $5.80.

Fate Therapeutics Stock Performance

NASDAQ:FATE traded up $0.07 on Friday, hitting $1.93. 132,964 shares of the stock were exchanged, compared to its average volume of 2,305,729. The stock has a market capitalization of $230.65 million, a price-to-earnings ratio of -1.82 and a beta of 2.65. Fate Therapeutics has a 52 week low of $0.95 and a 52 week high of $3.23. The company's 50-day moving average price is $2.25 and its 200 day moving average price is $1.97.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) last issued its earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.02. Fate Therapeutics had a negative net margin of 1,941.09% and a negative return on equity of 65.08%. The company had revenue of $1.35 million for the quarter, compared to analyst estimates of $1.14 million. As a group, equities research analysts predict that Fate Therapeutics will post -1.03 earnings per share for the current year.

Institutional Trading of Fate Therapeutics

Several hedge funds have recently bought and sold shares of FATE. Callan Family Office LLC acquired a new stake in shares of Fate Therapeutics in the 2nd quarter valued at about $29,000. Bank of New York Mellon Corp acquired a new position in shares of Fate Therapeutics during the 2nd quarter worth about $31,000. HB Wealth Management LLC acquired a new position in shares of Fate Therapeutics during the 2nd quarter worth about $31,000. Focus Partners Advisor Solutions LLC bought a new position in shares of Fate Therapeutics in the 2nd quarter valued at about $32,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Fate Therapeutics in the 2nd quarter valued at about $35,000. 97.54% of the stock is currently owned by institutional investors and hedge funds.

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.

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