Wells Fargo & Company Issues Pessimistic Forecast 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 objective decreased by stock analysts at Wells Fargo & Company from $4.00 to $2.50 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price target would indicate a potential upside of 108.33% from the company's current price.

A number of other research analysts also recently commented on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Fate Therapeutics in a report on Thursday, June 12th. Wall Street Zen downgraded shares of Fate Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 10th. Barclays decreased their price objective on shares of Fate Therapeutics from $10.00 to $2.00 and set an "overweight" rating for the company in a research note on Wednesday, May 14th. Finally, Robert W. Baird decreased their price objective on shares of Fate Therapeutics from $5.00 to $4.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $3.58.

Fate Therapeutics Trading Up 10.1%

Shares of NASDAQ:FATE traded up $0.11 during trading on Wednesday, reaching $1.20. The company's stock had a trading volume of 1,544,821 shares, compared to its average volume of 2,052,278. Fate Therapeutics has a 12 month low of $0.66 and a 12 month high of $4.20. The firm's 50 day simple moving average is $1.16 and its two-hundred day simple moving average is $1.14. The stock has a market capitalization of $138.40 million, a PE ratio of -0.83 and a beta of 2.24.

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

Institutional Trading of Fate Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. raised its stake in shares of Fate Therapeutics by 9.6% during the fourth quarter. Franklin Resources Inc. now owns 165,353 shares of the biopharmaceutical company's stock valued at $273,000 after acquiring an additional 14,532 shares in the last quarter. ProShare Advisors LLC increased its holdings in Fate Therapeutics by 77.9% during the fourth quarter. ProShare Advisors LLC now owns 33,645 shares of the biopharmaceutical company's stock valued at $56,000 after buying an additional 14,728 shares during the period. Renaissance Technologies LLC increased its holdings in Fate Therapeutics by 4.4% during the fourth quarter. Renaissance Technologies LLC now owns 378,619 shares of the biopharmaceutical company's stock valued at $625,000 after buying an additional 16,000 shares during the period. Hsbc Holdings PLC increased its holdings in Fate Therapeutics by 22.0% during the fourth quarter. Hsbc Holdings PLC now owns 109,422 shares of the biopharmaceutical company's stock valued at $179,000 after buying an additional 19,706 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in Fate Therapeutics by 154.2% during the fourth quarter. Squarepoint Ops LLC now owns 34,295 shares of the biopharmaceutical company's stock valued at $57,000 after buying an additional 20,805 shares during the period. Institutional investors own 97.54% of the company's stock.

Fate Therapeutics Company Profile

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.