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

Key Points

• Wedbush reiterated its “Outperform” rating on Fate Therapeutics and maintained a $7.00 price target, implying approximately 239% upside from the stock’s previous close.
• Analyst sentiment is mixed overall: Fate has an average “Hold” rating and a $5.90 consensus target, with four Buy, two Hold, and one Sell recommendation.
• Fate shares traded around $2.07, while the company continues to report significant losses despite quarterly revenue of $2.08 million; institutional investors own approximately 97.5% of the stock.

Fate Therapeutics (NASDAQ:FATE - Get Free Report)'s stock had its "outperform" rating reiterated by equities research analysts at Wedbush in a research report issued on Tuesday, Benzinga reports. They presently have a $7.00 target price on the biopharmaceutical company's stock. Wedbush's price objective suggests a potential upside of 238.98% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company raised their target price on Fate Therapeutics from $2.50 to $3.50 and gave the stock an "equal weight" rating in a research report on Friday, August 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of Fate Therapeutics in a research report on Friday, August 7th. 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 report on Friday, August 14th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $5.90.

Fate Therapeutics Stock Performance

FATE stock traded up $0.01 during mid-day trading on Tuesday, reaching $2.07. The company had a trading volume of 186,817 shares, compared to its average volume of 2,349,282. The company has a market capitalization of $247.43 million, a price-to-earnings ratio of -1.98 and a beta of 2.52. The firm has a fifty day simple moving average of $2.33 and a 200 day simple moving average of $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 - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.25). The company had revenue of $2.08 million for the quarter, compared to analyst estimates of $1.94 million. Fate Therapeutics had a negative return on equity of 65.08% and a negative net margin of 1,941.09%. As a group, analysts predict that Fate Therapeutics will post -1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FATE. BlackRock Inc. acquired a new position in Fate Therapeutics during the second quarter worth approximately $19,707,000. Johnson & Johnson purchased a new position in shares of Fate Therapeutics in the 2nd quarter valued at approximately $9,123,473. Assenagon Asset Management S.A. grew its stake in shares of Fate Therapeutics by 799.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,311,765 shares of the biopharmaceutical company's stock valued at $3,109,000 after purchasing an additional 1,165,927 shares during the last quarter. Irenic Capital Management LP purchased a new position in shares of Fate Therapeutics in the 1st quarter valued at approximately $1,054,000. Finally, Renaissance Technologies LLC grew its stake in shares of Fate Therapeutics by 26.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company's stock valued at $3,570,000 after purchasing an additional 613,802 shares during the last quarter. Institutional investors and hedge funds own 97.54% of the company's stock.

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.