Wells Fargo & Company Has Lowered Expectations for Fate Therapeutics (NASDAQ:FATE) Stock Price

Key Points

• Wells Fargo & Company has cut the price target for Fate Therapeutics from $4.00 to $2.50, signaling a potential upside of 167.01% from the current stock price.
• Fate Therapeutics reported earnings of -$0.29 per share for the last quarter, surpassing estimates, with a revenue of $1.91 million, exceeding expectations.
• Institutional investors own 97.54% of Fate Therapeutics' stock, with significant increases in holdings by several firms during the recent quarters.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) had its price target reduced by investment analysts at Wells Fargo & Company from $4.00 to $2.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price objective suggests a potential upside of 129.36% from the company's current price.

A number of other research firms have also recently issued reports on FATE. Wall Street Zen cut Fate Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, August 10th. Needham & Company LLC restated a "hold" rating on shares of Fate Therapeutics in a report on Thursday, June 12th. Barclays dropped their price objective on Fate Therapeutics from $10.00 to $2.00 and set an "overweight" rating for the company in a report on Wednesday, May 14th. Finally, Robert W. Baird dropped their price objective on Fate Therapeutics from $5.00 to $4.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has 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 $3.58.

Fate Therapeutics Stock Up 1.9%

NASDAQ FATE traded up $0.02 during trading on Wednesday, hitting $1.09. 1,665,729 shares of the stock traded hands, compared to its average volume of 1,559,205. The company has a market capitalization of $125.71 million, a P/E ratio of -0.75 and a beta of 2.24. The firm has a 50-day simple moving average of $1.16 and a 200-day simple moving average of $1.14. Fate Therapeutics has a 12-month low of $0.66 and a 12-month high of $4.20.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) last announced its earnings results on Tuesday, August 12th. The biopharmaceutical company reported ($0.29) EPS for the quarter, topping analysts' consensus estimates of ($0.35) by $0.06. The firm had revenue of $1.91 million during the quarter, compared to analysts' expectations of $1.16 million. Fate Therapeutics had a negative return on equity of 50.95% and a negative net margin of 2,025.05%. As a group, research analysts predict that Fate Therapeutics will post -1.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Fate Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC raised its position in Fate Therapeutics by 154.2% during the 4th quarter. Squarepoint Ops LLC now owns 34,295 shares of the biopharmaceutical company's stock valued at $57,000 after purchasing an additional 20,805 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Fate Therapeutics by 22.0% in the 4th quarter. Hsbc Holdings PLC now owns 109,422 shares of the biopharmaceutical company's stock worth $179,000 after acquiring an additional 19,706 shares in the last quarter. Millennium Management LLC raised its position in shares of Fate Therapeutics by 28.9% in the 4th quarter. Millennium Management LLC now owns 413,192 shares of the biopharmaceutical company's stock worth $682,000 after acquiring an additional 92,576 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Fate Therapeutics by 10.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,898,377 shares of the biopharmaceutical company's stock worth $4,782,000 after acquiring an additional 279,360 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Fate Therapeutics by 56.3% in the 4th quarter. Wells Fargo & Company MN now owns 92,395 shares of the biopharmaceutical company's stock worth $152,000 after acquiring an additional 33,284 shares in the last quarter. 97.54% of the stock is owned by institutional investors.

About Fate Therapeutics

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.